Gregory's Server
@finner Yeah. You're probably right. I'd personally go with the definitions of the proponents of different systems. I.e. when I think if socialism I think of the kind of idealistic utopian system Marx envisioned. Not the nightmares than Lenin, Mao and Castro created.
Similarly when I think of capitalism, I think of the idealized versions envisioned by Adam Smith or Acemoglu and Robinson. It helps understand why some people believe in one specific system above others.
@finner I myself am more of a pragmatist. Whatever, experiment with stuff from different systems and come up with a Frankenstein-system that actually works. The idealized systems aren't resilient in terms of game theory (as the US, China, Russia, Cuba, etc. have shown) anyway. Europe is a lot better at that than North America generally. Probably because far fewer of us identify strongly with a specific economic system. (Maybe because of the strif around them leading up to WWII)