Proper understanding of socialism is necessary to fight it

[Dr. Who]

The bolded doesn't make any sense. Economics is merely a disciplined way to think about problems. An economic theory is based on certain assumptions- it is a model.

Economic theory is based on the underlying assumption that the first world will continue to be effectively subsidized by the third world which keeps the price of manufactured goods in the first world affordable, generating sales and supporting respectable GDPs even though many first world nations carry remarkably unsustainable debt loads as do many of their citizens. Should the cost of labor in third world nations suddenly increase, the entire house of cards would fall apart because our debt-based economies are predicated on a predictable rate of spending. If the cost of manufactured goods suddenly became much more expensive, people would stop buying as many, which would create a domino effect on related industries and result in less spending, thus less borrowing. People might start saving, which is ruinous because then there is less money circulating. The economy would shrink.

https://www.workableeconomics.com/th...based-economy/

[Peter1469]

Economic theory is based on the underlying assumption that the first world will continue to be effectively subsidized by the third world which keeps the price of manufactured goods in the first world affordable, generating sales and supporting respectable GDPs even though many first world nations carry remarkably unsustainable debt loads as do many of their citizens. Should the cost of labor in third world nations suddenly increase, the entire house of cards would fall apart because our debt-based economies are predicated on a predictable rate of spending. If the cost of manufactured goods suddenly became much more expensive, people would stop buying as many, which would create a domino effect on related industries and result in less spending, thus less borrowing. People might start saving, which is ruinous because then there is less money circulating. The economy would shrink.

https://www.workableeconomics.com/th...based-economy/

There is no general assumption in the universe of the various economic theories that assumes this. It sounds more like some version of Marxist exploitation theory.

[Chris]

Economic theory is based on the underlying assumption that the first world will continue to be effectively subsidized by the third world which keeps the price of manufactured goods in the first world affordable, generating sales and supporting respectable GDPs even though many first world nations carry remarkably unsustainable debt loads as do many of their citizens. Should the cost of labor in third world nations suddenly increase, the entire house of cards would fall apart because our debt-based economies are predicated on a predictable rate of spending. If the cost of manufactured goods suddenly became much more expensive, people would stop buying as many, which would create a domino effect on related industries and result in less spending, thus less borrowing. People might start saving, which is ruinous because then there is less money circulating. The economy would shrink.

https://www.workableeconomics.com/th...based-economy/

Most economic theory is descriptive, explanatory, not prescriptive. Your article is about banking and debt and many and really just political.

And you're talking globalism, a step further out from centralization of power, when the topic here is what is it, umder capita;ism or socialism, about individualism and egalitarianism that renders people helpless in resisting centralization and globalization?