[Green Left Weekly, #270, April 16, 1997]
Socialists condemn capitalism because it has failed the overwhelming mass of humanity in the most decisive way. It promises freedom, democracy and prosperity but spectacularly defaults on all three (as, for instance, the people of the former Soviet Union are today finding out to their bitter cost). Nevertheless, capitalism has one undoubted historical merit: it has developed society's productive powers to the point where everyone on the planet could be assured a decent, truly human existence — on the condition that the capitalist system is replaced by socialism.