Sorry Lifer, but let's correct your modern day connotations of capitalism, by preceding it with the word "Crony" ....And no, this is definetly not what this country was founded on....
Cronyism can be used in a lot of different ways.
A few thoughts and a question.
What was our country founded on?
I am not a constitutional scholar but it seems to me that our Founders wanted to establish a constitution that would be able to stand the test of time. They wanted the peoples' freedoms to be protected and felt that government should have limited interference in their lives. Please reread my post that included Capitalism. I did not say that the country was founded on Capitalism. BUT what the country was founded on was the limited interference into our lives. At least that is what I believe our country was founded on. I just did not explain that portion and the two thoughts appear to be tied together. Capitalism evolved and grew in the 1800's from the fertile ground that our Constitution created.
Supply & Demand
My simple definition of Capitalism refers to the process of supply and demand. I feel our country is at it's economic best when people feel empowered to create a condition of "demands" based on providing a "need and a want" to drive the consumer to their product or service. When our government gets in the way of that process it stifles our empowerment.
Labor - Marxism - Keynesian Theory
I also tied your question to Socialism and it might be better reflected as Marxism especially basing the comment that was made about "crony". Simplistically, Marxists feel that labor is a commodity of Capitalism. This might explain the need to develop labor unions and why they lean to the left. The Keynesian theory (again very simply put) believes in infusion of capital into the economy to pull it out of a recession. However, when you spend what you don't have that is when the trouble begins.
Create Atmosphere of Understanding & Respect
Look - I worked at UPS for 36 years as a Teamster and in management. I was able to find my roots as I gained more wisdom. By that, I mean treat people like you would treat yourself not like a commodity. If you are understand both sides you can help to create an atmosphere of compromise. This ties back to the thread.
Economically or religiously speaking, extremism will get us in trouble. On one hand you have greed and the other hand you have intolerance.
Greed - Regulation - Empowerment
As a country we need to be protected from greed and the ills it creates but how much is too much? I say too much is when the country can not maintain the balance of regulation vs empowerment. This is a complex situation and one action affects another. When it tips in the favor of government, taxes and regulation the economic balance is choked off and a slow or non-existent recovery takes place.
Sorry for the long post.
What say you?