Corrupt Capitalism or Socialism?

Only New York Times “experts” could describe the nationalization of private industries currently taking place in Russia as examples of “corrupt capitalism,” rather than as examples of socialism. As defined by novelist-philosopher Ayn Rand, “capitalism is a social system based on the recognition of individual rights, including property rights, in which all property is privately owned.” Socialism, its antipode, is “a theory or system of social organization which advocates the vesting of the ownership and control of the means of production, capital, land, etc. in the community as a whole.”