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Simply stated, social capitalism avoids the inherent assumption in a pure capitalism that everyone has the same opportunities. Social capitalism recognizes this and hence attempts to equalize opportunities through some sort of governmental infrastructure--a BalancingForce
. Public education is a classic example. This is another term for the failed discipline of KeynesianEconomics
or "Rational Capitalism".
Of course, once you have been given opportunities, it's up to you to make use of them.
The rationale behind social capitalism is that if you're born rich (or whatever), it doesn't mean you're the person most capable of maximizing your opportunities and hence providing the most profit for the society at large. Conversely, if you're poor (or whatever), it doesn't mean you're stupid.
That latter point gets lost on most people.
Even if we give everyone an education, people will differ in intelligence, and hence differ in opportunity. Therefore the public schools must aim to hamper the excellent. Why do they have the right to be clever at the cost of the stupid? Equality! Equality! Equality!
- Who says life is about providing profit? Maybe life is "surviving by looking for advantages". Profit seems just a type of handily storable and convertible advantage. (a LiquidAdvantage??)
SocialCapitalism is an attempt to implement the TheoryOfSecondBest.
[Originally from Wiki:SocialCapitalism]
See also BoomerangEffect, BackDoorProtectionism, CorporateGovernment, SocialWelfare, YuppieSocialism, EatSushi, CapitalNetwork
The term social market economy might be useful.