It all comes down to what you define as wealth. Able to make billions of dollars over charging customers? In a socialist system, there would be a great degree of wealth AND stability. And MUCH less poor.
Now when I speak about socialism. I do not speak of the form of Socialism that has been taught in American schools. I have already explained my socialism.
Has a truly socialist economy been introduced? Communism fell because it was left in debt after both world wars and couldn't pay its bills(plus the economy was rigged for war profiteering). The Americans economy survived because war was never waged on its soil.
It is impossible for true socialism to fail.
Here is my discussion with USFREEDUMB
Remember. All the profits do not go to the Elites, but go towards social services like health care and subsidizing things like food and energy.
OK. We have a socialist government. This government controls everything, from health care, to electricity, to water, to gas, to oil, to auto industry, to airlines, to basically everything, the only thing that wouldn't be controlled is opposition news media to keep them straight.
All new emerging businesses will be given consideration and if they are popular, they proceed, giving the entrepreneur bonuses(for 10 years or so).(might I add that government would take care of all starting costs and overhead)
Then we would have a government website, showing all the numbers of the companies(available to the public) and where all the money is going to and how it is being spent.(The SEC has already been corrupted).
If there is a problem found in the way any of the businesses are run? The people will bring it up to their attention, and if they cannot provide a reasonable explanation? Be forced to fix it.
Corporations do not answer to anyone. Government does.
They still answer to their superiors. And unlike in a capitalist country? Their jobs are guaranteed till they die. Not like in America, you lose your job and lose everything.......
If someone is lazy, they can be voted out of the company and given a lesser job(and lesser pay).
This notion that everyone receives the same pay, is not necessarily a Socialist concept. It is a misconceived concept, generated by the capitalists. That's what unions do.
You are also allowed to own a home in a socialist society.
Do you not see? It would eliminate middle men(right there your saving a bundle), bankruptcies,insurance costs, start up costs, Interest costs, stock holders, over paid CEOs, advertising/marketing, Owners, taxes,(all of which are passed down to the consumer)reduce utillity costs, like shipping, fuel, maintenance, electricity, ect.. all these middle men would be removed which means cheaper overhead.
Yes a lot of people would be out of a job, but at least they are not living off the backs of the consumers!
If ran properly, alternate jobs could be generated. And the ones with no jobs, could easily afford to live on a small allowance. And many people would be able to retire at an early age, giving more people job opportunities.
As long as the population grows. Demand will increase and so will jobs.