Other economic systems can be just as bad if not worse than socialism
Economic systems are manipulated for people's benefit. This is widely seen with capitalism, however, other systems can also be taken advantage of for personal gain. One system is not better than any other; they all have their unique faults.
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The Argument
Each economic system has its downfalls. The problem is that the success of an economic system is not directly tied to the success of individuals, which brings into question what an ethical economic system is?
Looking at socialism, problems crop up because it relies on the good in human nature and ignores the competitive spirit. There is no space for entrepreneurial ideas or innovation, and governments often hold a large amount of power over their people.[1]
Other economic systems have similar if not worse problems. Capitalism is a competitive market, and if there’s a lack of laws keeping it in check, it’s straightforward for big companies to overtake small businesses completely. On the other end of the spectrum, communism does not usually tolerate opposition. It is extremely controlling, as demonstrated by some of the laws and regulations that China has passed.[2]
There are many pros and cons, but at the end of the day, an economic system will stay a system. They can be beneficial, or outright oppressive. What matters is how they are used.
Counter arguments
Socialism is unique among the other systems because it is idealistic.
In theory, the system is appealing due to its promises of equality and a social safety net. However, many socialist countries suffer from broken bureaucracies. This means that people receive poorer quality healthcare and public services due to the lack of organization. Healthcare and services are more costly in countries like the US, but they have more investment and, as a result, a more competitive market of doctors and services. Importantly, healthcare is only a single aspect of society that is stagnated by socialism.
Socialism is, in a sense, a system with the outward appeal but internal conflict. Helping each other as a community is practical when a community is small, but on a larger scale, you need more than just cooperation to succeed both nationally and internationally.
Proponents
Premises
[P1] Economic systems are complicated and can be manipulated
[P2] Depending on what those manipulators do, a system could easily become corrupted