Is there a better economic system than capitalism?
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M$3 Answers
But, we are far from those achievements now, and both government and economic systems are necessary. I think the best one for today's purposes is democratic socialism. Democratic socialism is much more humane than capitalism. Communism fails from the corruption of those who control it via totalitarian power. Capitalism fails from the corruption of those who control it via monetary power. Democratic socialism would probably fail too after a while, but, at the moment, I can't think of how it would happen.
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M$I believe that next step will be to implement the morality part on much concrete way. This can be done by strengthening 2 things, one is that governments put more control over big corporations so that their actions are more focused on overall benefit and not only profit, and second, we need common people to be able to organize themselves and influence on major decisions more directly than it is now. If we manage to get this double layer of control than we have chance to get the morality part much stronger within every major corporation
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M$Capitalism allows for (and is essential to) innovation, progress, the growth of an economy. But it's important that as this economy grows, the lives of all within it can benefit, and none be left behind.
So, while innovative individuals within a society (whose actions create employment and stimulate growth) should be greatly rewarded, there must come a point where their wealth is capped. Often individual "Captains of Industry" overestimate their own importance . . . they come to believe their nation's economy would collapse if it were not for the several corporations this individual might have control over. Governments and the public may come to believe this too. The reality may be that this individual's greed and thirst for power has limited the opportunities for other entrepeneurs to step up to the plate within that economy.
Too often governments allow the business community to dictate matters. When this occurs the government is no longer governing, the corporate classes are. So can the ideal put forward at the outset be attained?
Only if the government can stay in the driving seat, because once they lose it, they usually don't ever get it back.
Personal view
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M$
You are very correct. Enlightened self-rule is the ultimate result of both the Anarchist and Socialist political systems. Though socialism does provide a pseudo-political framework in which enlightened self-rule takes place.