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Capitalism has a lot of good merits as does Socialism. On their own, they are destined to fail. That's why you need a system that takes the best values from both systems, much like the Scandinavians have done. This is why so many European countries are polled to have the happiest people.
So, if someone wants to start their own business, they can. That's capitalism and that's a great thing. However, that business can't exploit its workers or the environment by paying them unreasonably low wages or by hiring children to do their work. They also cannot dump toxic chemicals into the water. That's where Socialism comes in to regulate that business by enforcing those rules.
In the US, the Reagan era really brought about deregulated Capitalism and every administration since has continued Reagan's economic policies. Now, we have endless wars, broken roads, bridges, schools, half of the American people can't afford a $500 emergency, and make less than $30,000 per year, militarized police, jobs being shipped out of the country, a minimum wage that isn't tied to inflation, etc.
Some conservatives will make the argument the US is still a lot better off than any 3rd world country so we shouldn't be complaining. While that's true, the US is also the richest country in the history of the world, so there's no excuse for the problems I mentioned above.
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