Socialist countries may have happier citizens because their basic needs are covered and they wouldn't starve if they're out of the job, but you don't see much innovation coming out of these countries. Apple, Google, Facebook, Amazon-these are products of capitalism. People are abundantly awarded for their work because don't have to pay astronomical income taxes in capitalist countries.
The way I see it, this process is now on its way to making socialist values a reality. "Equality of the people" is among the most prioritized.
The latest technology being driven by financial gain seems to be AI and VR/AR technology. This will be the great equalizer of the people. Things will become much cheaper to produce, and once-exclusive experiences will be available to everyone for very cheap. All things are on their way to becoming accessible to all people in the developed world, due to the inherently low cost of digital assets.
Thoughts on this?
USA is a "capitalist" country,but I think that the US income taxes are quite big,if not "astronomical".
I don't think that you distinquish socialist countries from communist/totalitarian countries.I don't know wether or not the sitizens of North Korea are happy.Maybe they are,because they are still alive,maybe they aren't.Who knows?All that "capitalism vs. socialism" shit is completely obsolete.China is a very capitalist country with big social inequality,but with communist government.