Respectfully disagree. Capitalism can mostly function quite well without socialism, but it does require effective government oversight.
That government "oversight" is plenty of good regulation, law enforcement..etc. All of that costs money and when capitalists are left to their own devices and lust for profits and power, the result is monopolies, cronyism, boom, and bust cycles (i.e. "the business cycle"), requiring the government to save the economy with public funds, a.k.a. "bailouts". You can deny it, but that' the reality.
Why should the American people allow private business owners, a few billionaires to own all of the infrastructure of our country, including its vital resources, utilities..etc? The industries that are vital to our nation's infrastructure, like energy, mining, all of the utilities that we rely on, our military-industrial complex, and finance, should be nationalized and owned by the American public through their democratic government.
I have VA benefits, and you may not know the quality of care that we have through government-run healthcare, but it's good. Yes, it could be better, but you improve it by funding it and making the necessary adjustments. We should have a VA-type system, for everyone in America. Privately owned and run healthcare can still exist, but there should be a government healthcare system for all Americans, not just veterans. No one is complaining about the healthcare our active duty military personnel is receiving, because it's great care. There's no reason why local and state governments funded by the federal government, can't offer everyone healthcare. I also believe in medical freedom. If you can afford it, use private healthcare.
Which unfortunately we don't have in this country and neither does/did the USSR or China. I think it is true however that when policies and programs are put in place that helps everybody, such as the interstate highway system, roads and bridges and such, then capitalism flourishes better.
Not just that, we have to provide everyone in America with a Bill Of Economic Rights. Food, housing, healthcare, an education, and employment, should be considered human rights. Rights everyone is born with. No one in America should starve, be homeless, uneducated, and unemployed. If you can't find a job in the private sector, you should have one in the public sector.
But it is by no means going to collapse every few years, that is nonsense.
That's exactly what happens, every few years. Check it out. Google "government bailouts" and "boom and bust economic cycles". Our government bailsout big industries to the tune of hundreds of billions of dollars to keep our economy from collapsing. Without the government bailouts, our economy would be in ruins. There would be war, due to the extreme inequality and austerities that the public would be subjected to. Laissez-faire capitalism leads to abject poverty for tens of millions of people, decimating the economy. Monopolies, cronyism and a concentration of wealth and power at the top are endemic symptoms of capitalism.
Here are just a few of the bailouts, there are many more:
- 1900-2000:
- 1933 - Emergency Banking Act
- Cause: To stabilize the banking system during the Great Depression.
- 1971 - Lockheed Bailout
- Cause: Lockheed Corporation faced bankruptcy due to cost overruns and problems with the L-1011 Tristar airplane.
- 1974 - Franklin National Bank Bailout
- Cause: The bank failed due to mismanagement and fraud.
- 1980 - Chrysler Bailout
- Cause: Chrysler Corporation faced financial difficulties due to high fuel prices, competition, and recession.
- 1984 - Continental Illinois National Bank and Trust Bailout
- Cause: Continental Illinois suffered significant losses due to bad loans.
- 1989 - Savings and Loan Crisis
- Cause: Savings and loan associations suffered from bad loans and financial mismanagement.
- 2000-2021:
- 2001 - Federal Reserve Response to Dot-Com Bubble Burst
- Cause: The Federal Reserve lowered interest rates to mitigate the economic downturn following the bursting of the dot-com bubble.
- 2001 - Airline Bailouts Post 9/11
- Cause: Airlines faced financial difficulties following the terrorist attacks on September 11, 2001.
- 2008-2009 - Financial Crisis Bailouts
- Cause: The financial crisis of 2008 was due to the collapse of the housing bubble.
- 2009 - Automotive Industry Bailout
- Cause: The automotive industry was severely impacted by the financial crisis of 2008 and the recession.
- 2008 - Bear Stearns Bailout
- Cause: Bear Stearns faced collapse due to its heavy exposure to subprime mortgages and was acquired by JPMorgan Chase with government assistance.
- 2008 - Fannie Mae and Freddie Mac Bailout
- Cause: These government-sponsored enterprises faced insolvency due to exposure to the U.S. housing market.
- 2020-2021 - Coronavirus Aid, Relief, and Economic Security (CARES) Act
- Cause: The COVID-19 pandemic caused widespread economic disruption.
Without government intervention, we wouldn't have an economy.
The American System, involved plenty of government intervention. Without it we wouldn't have industrialized.
en.wikipedia.org