A Capitalism versus Socialism debate
Professor David Marsland, West London Institute
Serious consideration of alternatives to capitalism needs to address: the nature of capitalism; its validity as an instrument of progress; the threat from existing alternatives; and the plausibility and cost/benefit ratio of socialist alternatives.
The nature of capitalism
The real nature of capitalism is widely misunderstood, especially by intellectuals. Over and above ignorance, there is widespread prejudice. This serves to confuse description with evaluation, and fosters naive wish-fulfilment.
Capitalism is not inherently or by definition exploitative, cruel and arbitrary, or unjust. These are empirical issues, to be judged as part of the objective evaluation of capitalism in terms of relevant evidence and reasoned argument.