HappySqurriel said:
While you could say that it is a matter of semantics, I have always seen the difference between people who support capitalism and people who support socialism based on how people would define equality. People who are supporters of a more capitalistic economic system tend to favour the concept of equality of opportunity whereas supporters of socialism tend to favour the concept of equality of outcomes. In both cases there is a realization that the ideal outcome can not be met at the current time, but you see their view of equality showing up in issues all the time. Using education as an example, if you had two students with roughly the same academic record that both wanted to go to University but one was from a wealthy family and the other was from a poor family you would (likely) have to different views of what makes this a fair or equal situation. If there is a way for the poorer student to go to a university which is not too unreasonable (possibly going to a local school while living at home and working with some debt and/or scholarships) then he has the same opportunity for higher education and most people who believe in equality of opportunity would have no problem with this situation. In contrast, someone who believes in equality of outcomes would think that this situation could only be fair if money was no longer a consideration and the poorer student had the same exact access to education as the wealthier student.
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Good post, although when I said everyone has the opportunity to live a better life, I meant the poor person has more opportunity each year, and a rich man has more opportunity each year. I did not mean to say they each had the same opportunity, just that each was improved.