I actually signed up to write a response. The described utopian vision is not new. It is derivative of a perhaps famous saying: from each according to his abilities, to each according to his needs. Made famous by Karl Marx. As demonstrated in contrasting two societies tht are descended from Marx’s teachings: China and the former Soviet Union. In the case of the USSR, the social/economic design determined what profession a person was assigned and the USSR was most know for airplanes that rusted, concrete that fell apart, glow in the dark submariners and, of course, Chernobyl.
In China, the state released much of the control for economic decision making to the people and it resulted in a boom that no other 3rd world country — an no Socialist country anywhere — had experienced.
The issue, as I see it, is that while many revile Capitalism, it is merely the economic expression of freedom. The choice — and the outcomes — become a stark reminder that it is freedom that allows excellence. When freedom is hemmed in by regulation and diminished by taxation, is where we see the declining mediocrity of a France or the abject failure of a Greece.
“The power to tax is the power to destroy.” John Marshall, Chief Justice, US Supreme Court
“The problem with socialism is that you eventually run out of other people’s money.” Margaret Thatcher, Prime Minister, United Kingdom
Economic freedom, like political freedom, is the incubator of true innovation — the core value of which prompted my own ancestors’ revolt against the tyranny of the King of England. This has been the basis for American exceptionalism and its decline as a core value has been the root cause of our societal decline.