The old, bi-pole, simplified view of the world has got to go.
Everything we thought we knew since 1980 in the field of economics has just been shot from under us.
Everything the old enemies believed about their economics was shot from under them as well.
It's time we ceased classifying every position or proposal as either capitalist or socialist. It's time instead we asked what is effective.
What we want and need is not ideology.
We need efficient and effective governance, policies, structures, and smarter ways of doing things for ourselves, drawn from wherever we find them.
We need to stop this fear-driven pattern of analyzing everything for its alignment to one or the other of the Cold War camps of 40 years ago, and start working toward a result-based system gauged on its competence and responsiveness to the real world, the new information world which is already here.
We should expect and demand that anything we turn over to government to do must be done in the most effective way. Not the socialist way, or the capitalist way. The EFFECTIVE way.
What a position to be in! Reaganomics and socialism alike are broken. We know nothing.
We thought that unregulated markets would create enough growth to "raise all boats"... trickle-down economics. Tax breaks and subsidies for corporations, as the largest producers, should make them prosperous enough. If it had worked as advertised, we'd all have better and better jobs, there would be a prospering and growing middle class. A rising tide raising all boats.
It didn't work out that way.
Communism and socialist economics likewise collapsed 20 years ago. Market capitalism and particularly a flavor of Republicanism stood over the corpse of world communism with extreme pride and a sense of vindication. That pride, and the arrogant and extravagant 20-year binge that followed has been paid for with our own collapse.
This is why it's time to throw out the book and instead ask what is going to be effective.