If we place extreme Capitalism and extreme Socialism at the two polar ends of the Economic Spectrum, the middle of this spectrum would correspond to Capitalist Socialism: CAPSOC
China’s relatively recent economic success has been getting the rest of the World’s attention. Equally impressive but with a longer history is the economic success of the Western/Northern Europe (for example: Belgium, Holland, Britain, Denmark, Germany, Norway, Sweden, Finland).
China, since Mao, has been moving from one end of the economic spectrum (extreme Socialism: Communism) towards the middle.
Western/Northern Europe, since the Industrial Revolution, has moved from the other end of the economic spectrum (extreme Capitalism) towards the middle.
As far as their economies are concerned, both countries/regions seem to have been approaching CAPSOC, in accordance with their own histories of social structures and norms.
I’d like to call this phenomenon the CONVERGENCE on CAPSOC. That is: ending up somewhere in the middle, yet by starting from the two opposite ends of the Economic Spectrum.
Economically speaking, CAPSOC may be a good place to be. And, not only for the Western/Northern Europe and China but for the rest of the World, too.
For example, currently USA may be considered more on the Capitalism side of CAPSOC, and therefore a move towards CAPSOC may be highly beneficial.
For Human-Happiness, which is more difficult to measure and quantify, CAPSOC may be a good place to be for all Nations, as well. History will tell.
Thank you for your time and attention.