Never in the history of the world has socialism been successful. However, I can understand how socialism can appeal to young people in their late teens, twenties, and thirties because for first time in the life of 99% of population, young people are less well off economically then their parents and grandparents.
Apparently, our economy is a merger of government and corporations. If our economy was based on capitalism, there would be real competition. Call your doctor or dentist and it will take two week to get an appointment. If there was real competition where anyone qualified could become a dentist or doctor you would get an appointment that very day or you could just walk in.
If you have two internet and cable companies, they will both give lousy service and it takes 15 minutes of pushing buttons to even talk to a person that likely will even be in America.
As argued in Who Rules America?, the owners and top executives of the largest corporations, banks, investment firms, and agri-businesses come together as a corporate community. Their enormous economic resources give them the "structural economic power" that is the basis for dominating the federal government through lobbying, campaign finance, appointments to key government positions, and a policy-planning network made up of foundations, think tanks, and policy-discussion groups. The CEOs and owners in the corporate community, along with the top executives at the foundations, think tanks, and policy-discussion groups, work together as a leadership group that I call the power elite.
Federal Reserve data indicates that as of 2021, the top 1% of households in the United States held 32.3% of the country's wealth, while the bottom 50% held 2.6%. From 1989 to 2019, wealth became increasingly concentrated in the top 1% and top 10% due in large part to corporate stock ownership concentration in those segments of the population; the bottom 50% own little if any corporate stock.
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