I recently saw the following meme which closely expresses my point of view on economics and politics:
I’m a fan of Senator Bernie Sanders and Representative Alexandria Ocasio-Cortez and consider them to be important voices in today’s political scene. Even though I mostly share their vision, I’m not comfortable with the label Democratic Socialist. I understand what they mean by it, but also see it as a lightning rod for criticism. To many millennials in Bernie and AOC’s base, democratic socialism brings to mind the Nordic countries, but to many in my generation who are more conservative, socialism brings to mind Cuba and Venezuela. These folks don’t hear the democratic part.
I prefer the term social democrat and the characteristics that Prof. Krugman mentions:
- private sector-driven economy
- stronger social safety net
- enhanced bargaining power for workers
- tighter regulation of corporate malfeasance
The Nordic countries have a secret sauce that makes them some of the happiest countries in the world. They have vibrant capitalist economies AND a strong safety net. Yes, they have higher taxes than the United States, but their citizens get more in return for their taxes.
In the three decades after World War II, there was more of a counterbalance between labor and capital, and between corporations and the public interest. Then around 1980, these scales were tipped by anti-union sentiment, deregulation, and tax cuts. Neoliberalism shoved aside Keynesian economics and started the trend towards extreme inequality.
I believe the four elements of social democracy are the secret sauce to a happier society built on the common good. And if coupled with the triple bottom line of profit, people, and planet will lead to a brighter future.
Equity - Environment - Economic Justice 