Capitalism, socialism, and all of the other ism's are junk labels.
They each denote philosophies, none of which actually exist. In America we have not only these two labels at work, but others as well. Yet call someone a capitalist or a socialist and you're sure to provoke an argument.
Labels are part of the duping process, and they defy common sense. So why do we still use them? We use them because they are pushed into our faces on a daily basis by muckrakers.
You want to earn more because you work harder or smarter? Fine. Who in their right mind would begrudge you? So, what's the problem?
The problem is that money makes money, and in "pure" capitalism, like the game of Monopoly, eventually the winner owns it all. That's the nature of uncontrolled, unbridled capitalism: fewer and fewer winners and more and more losers.
Unless you're living in a cave somewhere you've heard the stories about how the top 1 or 2 percent of Americans own most of the wealth. This is exactly what happens over time and should come as no surprise to anyone.
So, what do we do?
Because the situation has reached critical mass, redistribute wealth and re-start with a greatly simplified and progressive tax code. That's the concept, and people smarter then us need to implement it.
The great and concentrated fortunes of today were built on the blood, sweat and tears of our ancestors - ALL of our ancestors. Computers, lights-out factories, giant farming machines, etc. etc. weren't invented by the rich in our lifetime, they are the cumulative result of generations of inventors. These amazing and wonderful inventions below in large part to all of us.
Here, read this article on what's happening.