For some 30 years, since the implicit defeat of socialism in the UK, there has been a relatively fine differentiating line between the policies of the Tory blues and the Labour reds, both encircling the capitalist centre ground. When one of the parties has threatened to move too far away from this hallowed centre they have been mercilessly knocked back into place by the voting public. So what’s happened in a few short months that has meant capitalism is currently being seriously challenged by socialism – as socialism is way off centre?

Prior to the general election you would have been laughed into an embarrassed silence by the majority if you had predicted that the current policies of the Labour Party would be taken seriously – and you will notice that I have avoided naming Corbyn as he is simply the current figure head of the socialist resurrection (albeit he was also considered an unelectable individual in the very recent past). So for now let’s not get personal with Corbyn or May as neither should be in their leadership seats at the time of the next election, and also (despite my headline) let’s avoid thinking of this as the red or blue party politics that we have known for the last 30 years with the connotations of rich versus poor – but instead let’s debate it as capitalism versus socialism.

Here are the first paragraphs on Wikipedia for each:

Capitalism is an economic system and an ideology based on private ownership of the means of production and their operation for profit. Characteristics central to capitalism include private property, capital accumulation, wage labor, voluntary exchange, a price system and competitive markets. In a capitalist market economy, decision-making and investment are determined by the owners of the factors of production in financial and capital markets, whereas prices and the distribution of goods are mainly determined by competition in the market.

Socialism is a range of economic and social systems characterised by social ownership and democratic control of the means of production, as well as the political theories and movements associated with them. Social ownership may refer to forms of public, collective or cooperative ownership, or to citizen ownership of equity. There are many varieties of socialism and there is no single definition encapsulating all of them, though social ownership is the common element shared by its various forms.

And here is a simple and quick summary of the perceived differences:

Capitalism and socialism are somewhat opposing schools of thought in economics. The central arguments in the socialism vs. capitalism debate are about economic equality and the role of government. Socialists believe economic inequality is bad for society, and the government is responsible for reducing it via programs that benefit the poor (e.g., free public education, free or subsidized healthcare, social security for the elderly, higher taxes on the rich). On the other hand, capitalists believe that the government does not use economic resources as efficiently as private enterprises do, and therefore society is better off with the free market determining economic winners and losers.

Possibly too simple in summary definition I accept (as in fact every developed capitalist country rightly has some programs that are socialist, under the definition above) but it’s a reasonable reminder and I am troubled by what I read and hear at present on the subject. Bluntly, the current political landscape is not one I believed we would experience again in my lifetime – and, if we are not alive to the dangers, we could be heading back into days of nationalisation, unionisation, state intervention and economic crisis! I realise that anyone under c.50 years of age may now be raising their eyes in despair. ‘Here we go,’ they will be thinking, ‘there’s a history lesson on the way about the bad old days of the 1970s’. And perhaps there should be! Isn’t there a lot to be learnt from the past so the same mistakes are not repeated? How oddly myopic are those not interested in these lessons? I certainly want to be reminded as by most accounts and from my own memories it was not a good experience! However, I will spare you the statistics and my interpretation of them as you can Google away and make your own mind up – but what I will do is point you in the direction of inflation, interest rates, economic performance, social hostility and strikes. It was these that principally brought socialism to its knees and has stopped it even trying to meaningfully re-emerge until now. Of course, some countries still pursue the socialist ideology today, Venezuela does, as does Zimbabwe, and you should ask what present day story they tell you if history is not your thing?

The swing toward socialism in the recent past has come principally from the younger generations. Those who did not live through the dark days of the 1970s or at least were too young to properly remember, and let’s also include those seeking a social ideal without bearing the scars to remind them that there is no such thing. I can understand that the status quo does not encourage them to continue with their support for the economic system they are due to inherit, with a housing ladder whose first rung is beyond reach for many and where tuition fees make a future without debt seem unattainable. These issues must be boldly tackled and the negative rhetoric around the need for austerity and national debt reduction must be dropped as it has been championed for too long. What takes over must be a positive and optimistic vision for the future of an independent UK, closely aligned with the EU but free from its shackles and enabling trade with the strongest fastest growing nations where it is predicted that 90% of world growth will lie. I also believe that the younger voter will sooner or later understand that socialism actually restricts what they are striving for rather than enhances it and that capitalism has in the past shown itself to be the only appropriate way forward, across the world, to promote entrepreneurship, liberalisation and free trade, helping emerging economies into developed ones and developed ones to progress – but it now must defend and prove its worth again to the vast numbers of disaffected younger UK voters.

Of course, the older generation must not be forgotten or neglected either in the political stampede to appeal to the young. They also need reassurance with regards to savings, pensions, healthcare and retirement living, amongst other things. They do not need to hear the reasons as to why socialism will fail the country as they have experienced it first hand and therefore will not want to see its return.

My prediction is that Theresa May will not remain Prime Minister over the five years ahead and Jeremy Corbyn will never be Prime Minister. But a battle must now be fought and, as I have said above, in my opinion it need not be considered Conservative vs Labour or Blue vs Red in the way we have known for some 30 years, as for now it’s back to Capitalism vs Socialism – and no one is claiming either is perfect. But let’s at least try to be honest about it, as there is not (and never has been) enough money or incentive in the system to see the socialist agenda succeed even if, in a fantasy world, it was a credible alternative.