We have seen in history the malign effects of both unfettered capitalism, and of pure ideological socialism. Before any regulation of the economy in the USA, we had – children working in mines and factories; severe environmental degradation; frequent economic collapses; rapacious monopolies; dangerous drugs such as thalidomide; etc. And there has been no example of a socialist economy humming along without the concomitant severe repression of individual rights. Either theory of organizing the economy needs modification from the pure state to work in humanely. Once when asked my politics I respond semi-facetiously – “Progressive capitalist or pragmatic socialist, not sure which.”