SOCIALISM VERSUS CAPITALISM: ACHIEVING A NEW BALANCE BETWEEN COMPETING STAKEHOLDERS

ABSTRACT

[...]the circumstances facing the worlds' nations and regions are so dire that many researchers predict the end of the neoliberal global world order that has created much wealth for many (though not all) through global free trade, and efficient global supply chains fueled by "capitalism" and "free markets" (e.g., Saad-Filho, 2020). [...]Americans are warned that if they became socialists, they would end up living in a country, which would become similar to Venezuela even though Venezuela's problems do not stem from the country's ambitions to provide social services to its citizens, but rather from the deficiencies in its governance system (e.g., Qiu, 2018). First dimension (x-axis) is a construct that we identify as the level of definition of property rights that is observed in the system, ranging from fully defined private ownership of property to no private ownership of property (i.e., communism). [...]in some regions of the "primordial soup" of economic-political options