Eugene V. Debs discusses how socialists in the US strive for financial and social equality among all US citizens. Debs describes how American society can be extremely unfair, as some individuals are born into wealthy families and never have to work a day in their life while other individuals work extremely hard their entire lives just to survive.
This is why Debs, and socialists in the US in general, strive for a system in which the government has more control of the means of production and the economy in general. Debs argues that all things in the US are jointly used and that it only makes sense for the government to be involved in making sure these resources are spread out equally to citizens.
I believe the answer is: representativeness heuristic
representativeness heuristic refers to the act of making judgement about a certain probability under uncertain situation. Representativeness heuristic often being done when investors want to accumulate wealth in the fastest way possible, even though the risk of losing all their wealth become larger.
The financial elites that favor the "American" model -- deregulation, weak unions, and a minimalist welfare state -- ask the wrong question: how to compete against countries with lower wages and living standards.
