If all basic needs were met (food, shelter, and medical), could socialism work (without the need for wars or famine to reduce the population)?
If all basic needs were met (food, shelter, and medical), could socialism work (without the need for wars or famine to reduce the population)?
The problem is profits is what drives innovation, research and development. Without the incentive to improve your own situation you are not motivated to innovate and improve the life of everyone. That’s why it is doomed to fail.