The debate over capitalism vs. socialism often looks like a battle of cartoon caricatures: Monopoly Man versus the Marx Monster.

Across the planet there are countless flavors of capitalism and socialism, unique mashups of free markets and government policies. Into this muddle wade the right-wing ideologues who fear the red “socialist” demon hiding in every corner.

If Fox News existed in the 1950s, they would’ve labeled Republican President Dwight Eisenhower a socialist for taxing the wealthy and making broad public investments to expand homeownership, enable debt-free higher education, and build infrastructure and technology that expanded the modern middle class.

Yet, what do these labelers call modern-day China, a country that mints hundreds of billionaires a year and dominates global markets with private production? Is it socialist or capitalist?

All generations now understand that the old American Dream has expired, with 7 in 10 experiencing economic insecurity.

Meanwhile, social democracies, like Canada and the northern European countries, have progressive tax systems and strong social safety nets. Sweden, with its generous welfare state, has higher rates of entrepreneurship than the United States.

These countries also have higher rates of social mobility than the United States—meaning it’s easier for lower-income people to escape poverty and become stable. The American Dream, apparently, has moved offshore.

These welfare states, with their higher taxes on the wealthy, exist comfortably alongside healthy market economies. However, in the United States, whenever a politician proposes that billionaires pay their fair share of taxes so we make public investments in opportunities for everyone else, they are labeled socialist or even communist.

These criticisms conflate a set of policy proposals, most of them quite popular, with an economic system where the government owns the means of production. However, this well-trod attack doesn’t seem to be working anymore, especially for younger generations.

Younger voters see the grotesque inequalities of wealth and power that distort the economy and block opportunity for the non-rich. They witness how large corporations have captured Congress and blocked popular reforms to defend consumers and counter monopolies.

They watch with alarm as billionaire-backed private equity firms buy up healthcare facilities and squeeze consumers in every corner of the economy. They see how........

© Common Dreams