In the usual (though certainly not in every) public decision on economic policy, the choice is between courses that are almost equally good or equally bad. It is the narrowest decisions that are most ardently debated. If the world is lucky enough to enjoy peace, it may even one day make the discovery, to the horror of doctrinaire free-enterprisers and doctrinaire planners alike, that what is called capitalism and what is called socialism are both capable of working quite well.
About this quote
- What does it mean?
- Economic debates often focus on small differences between similar systems, and both capitalism and socialism can function effectively under the right conditions.
- In plain terms
- Most economic arguments are about tiny choices, and both main systems can work well.
- What can you take from it?
- Focus on specific outcomes rather than rigid ideological labels.
Where it applies
Putting it to work
Questions to consider
- Does ideology help or hurt?
- What system works best here?
Another view
Ideology often drives policy regardless of practical outcomes.
More from John Kenneth Galbraith
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