Socialism and Wealth
In HIS letter "Capitalism frees man" (September 4), Ian Flint makes several points which are debatable: He states that in Norway and Sweden, "capitalism generates wealth and socialism redistributes it". He then says that "socialism has failed to generate wealth".
People generate wealth through industry, trade and investment. Socialism and capitalism in this case are just words to describe who runs the industry, who benefits from the profit, and how that profit is invested.
The Norwegians utilise aspects of capitalism and socialism that they deem beneficial to their people, economy and environment. The net cash-flow from Norwegian state-controlled petroleum activities goes into a special fund named the Government Pension Fund - Global.
Norway has an annual budget surplus of billions of euros; an unemployment rate of 1%. Its GDP per capita is |$47 800 - one of the highest in the world.
Flint then writes that "capitalism succeeds because it bases the value in the individual" whereas "socialism bases value on the collective". Society as a whole is made up of individuals. …