Don’t trust the title question: It poses a false dichotomy. It assumes that we all agree on the definition of each term. We do not. Since both terms are often demonized, it likely assumes that one is good, and the other is bad. They are not. It also assumes they contain all the choices that are open to us. They do not. The best that can be said for such a question is this: It is loaded with unknown assumptions that are more likely false than true , therefore it is full of logical contradictions.

The best answer to it is this: If you can define your terms, I will try to answer the question, otherwise, I will give you the common definition of each term so that we might share a common understanding about them. To do less is to accept gibberish as a starting place for further discussion.

Here is my more detailed reply to the title question:

First, capitalism means the corporate or private ownership of the means of production; a free market distribution system for the goods and services it produces; it also includes capital accumulation, wage labor, voluntary exchange, a competitive price system, and competitive markets. The fundamental driving force of capitalism is competition. In practice it excludes the unskilled, children, the developmentally disabled, the aged, and caretakers. Workers can be hired and fired at the will of the corporation. It is not concerned with poverty. It also does not value the family unit, nor does it promote equality of opportunity. It relies on strong alliances between corporate interests and shareholder interests; on unlimited financial incentives to top executives; on government policies, laws, and resources that protect its assets and interests; on government financing of a vast transportation and communication infrastructure so that it can function well on public money; mergers and acquisitions have given rise to techno--giants that have concentrated power, thus reducting competition while causing higher prices; on giving large financial support to political candidates who support corporate over individual goals; and on a regressive tax system that favors wealth and dynastic wealth accumulation.

I am in favor of some of these interests, while I oppose others. Which ones did you have in mind?

In contrast, there are about eight different types of socialism. To my knowledge none is practiced in the United States, although many Americans support at least part of the goals of socialism. Each is practiced to varying degrees in Europe, in Central and South America, and in Asia. Each starts with either the government or common ownership of the means of production. Some allocate resources using government planning in a command economy. Most support the common good including the disabled, children, the aged, and caretakers. In some workers cannot be exploited because they own the means of production. Most also support universal health care and education for all as the best investments society can make. The fundamental driving forces of socialism are cooperation and the elimination of poverty as the common good.

It is fair to say that American society includes most aspects of capitalism as the driving force behind what is produced and distributed, and many aspects of socialism as the desired outcome of our social goals. Both competition and cooperation have their roles in the formation of a just society.

Wouldn’t you rather discuss the just society?