At college, I know a lot of people who label themselves as socialists. They think that Socialism as an economic system would be ideal. But despite calling themselves socialists, I like referring to them as “Anti-Capitalists” due to their absence of knowledge on what socialism actually is, and since it’s a lot more in line with how they think.

These anti-capitalists pursue things such as the abolishing of corporate America, the top 1%, and anyone else that they deem is a capitalist pig. Do they want communism? A system that has been tried, tested and thrown out due to how inefficient and ineffective it performs (see the USSR, North Korea, China). Do they prefer millions dying of famine and disease over someone making money running hotels?
A lot of these people will point to European countries, in particular, the Baltic countries: Sweden, Finland, and Norway. They say “hey look, those countries are socialist and they’re doing well”. Making a very ignorant error by failing to realize the differences between a socialist state and a social democratic one. How can Sweden be socialist? Haven’t these people heard of Ikea?

Social democratic countries (i.e. most of the first world), have Capitalism at their heart and use various social systems to help better the lives of their citizens, even the United States does this with the likes of unemployment. European countries often have much more social systems in place which I suppose is why people cling on to them as examples of where socialism works. Only the people who believe that the increased amount of social programs within capitalist countries translates to a socialist state can believe in the virtues of socialism, so it’s to be expected.
It’s important to try to be objective whenever you talk about anything but when discussing capitalism versus socialism as a finance major, it is difficult. Sure, Capitalism has its flaws, no one has ever denied that, but it’s so much better than any other economic system, including socialism.

Capitalism has a key element that makes it so much better than socialism, the free market. When people want something badly they will offer more and more money for it, this money will incentivize entrepreneurs and inventors to supply that something. That’s how innovation happens.

Let’s say I have cancer and I’m a billionaire. I am willing to spend billions on a cure. Now eager scientists will have the incentive of a huge monetary reward to research and develop a cure. Once they do develop a cure for me, that cure exists and will eventually become available to everyone. That’s the free market, demand, and supply. As a result of the free market innovation occurs and everyone benefits, I’d recommend watching this video by Kurgezagt for a better-illustrated understanding.
Back to these alleged socialists.

One thing that really bothers me is their lack of an alternative. Anyone can hate capitalism and think it’s broken, corrupt system, but how many people actually have a viable alternative to make a socialist society work and operate?

Real life solutions only. I’ve heard “If humans just weren’t greedy then we would all live in a utopia” too many times. Humans are greedy and evil and angry and a lot of other bad things. Simply omitting them from an argument is not a viable strategy. Capitalism works alongside those things. Sure socialist and even communist ideas would work if everyone was a member of a hive mind or a robot, but we’re not.

And is greed even such a bad thing? Sure some people are greedy and it’s annoying and causes problems and corruption, but it can also lead to unanticipated innovation and discoveries. It really should not be what these people are focusing on. Alleviating corruption by tightening government legislation and taking political lobbying power away from rich corporations should be our approach. That is, of course, difficult because those corporations have the power to decide what happens to them in the first place, but is that a problem with capitalism or a problem with how the United States operates? Company influence on political policy is far less prevalent in European countries, all of which are capitalist.
Trying to talk to anti-capitalists is a feeble task. Logic, reasoning and even basic economics is something that they either cannot comprehend or simply choose to ignore.

One day I’d love to walk around my college campus and smack iPhones, Starbucks coffees, and Ice-Creams out of anyone who is a “socialist” hands, and ask “why are you actively supporting products of capitalism?” Why not eat grass, wear rags and never use anything that is sold for a profit?

Flat-earthers and anti-vaccers have more credibility than these people and are also a lot less selfish. If you advocate for anti-capitalism you advocate for a diminished quality of life, the entire world will become North Korea. And if you truly believe in socialism despite everyone telling you otherwise, then why don’t you try to figure out a way to keep your current quality of life the way it is without divulging in the benefits of capitalism. It’s a lot harder than you think.