Socialism vs. Capitalism: The Difference Between Scarcity and Abundance Mindsets

What is the essential difference between socialism and capitalism? Doug Andrew believes it really comes down to the scarcity versus abundance mindset.

Understanding this difference is an indispensable part of taking charge of your financial future, including your own retirement, not outliving your money and, more importantly, not depending upon the government to support you.

Remember that capitalism was given its name by its enemies–people like Karl Marx who believe it was evil to capitalize on people’s needs and wants. Perhaps it should have really been named cooperation.

Doug has some solid examples of how cooperation has benefited humanity throughout recorded time by allowing people to meet one another’s needs in such a way that all parties are able to prosper. Of course, historically, as that prosperity has taken place, governments have been quick to step in and regulate in order to get a piece of the action.

As Doug explains socialism insists that the future must pay for the past. This means putting burdens on future generations to pay for what has been done in the past. This can take the form of handouts, reparations or simply redistribution of what others have earned.

How can one avoid falling into this mindset?

HERE IS A PREVIEW OF JUST OF FEW OF THE IDEAS DOUG SHARES IN THIS EPISODE:

  • Why do those with a socialist mindset love to hear about the prospect of government stimulus in the economy? Doug explains how this becomes a prime opportunity to take from some in order to give to others.
  • How do these socialist programs affect your future financial wellbeing? Learn why massive government spending has a direct impact on taxes, inflation and even market volatility.
  • What is the primary difference between a scarcity mindset and an abundance mindset? Doug shares the primary characteristics of each and explains how only one is conducive to authentic wealth.
  • What is the scarcity spiral and how does envy feed it? Discover the danger of comparing oneself to others and how this can cultivate negative attitudes that limit our own ability to grow and develop.
  • Why is it so dangerous to believe that everyone’s results must come out equal? Doug spells out how “fairness” becomes perverted under the socialist mindset and why it will never make everyone happy.
  • Would taking from those who produce ever create real equality or prosperity? Don’t kid yourself, says Doug, the people who understand authentic wealth think and act differently than those who do not.
  • And much, much moreā€¦

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