The Trouble with Socialism Is Socialism; the Trouble with Capitalism is Capitalists

William F. Buckley Jr.? William Schlamm? Winston Churchill? Herbert Hoover?

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Dear Quote Investigator: I have heard a humorous saying that compares two major economic systems:

The problem with socialism is socialism. The problem with capitalism is capitalists.

These words have been attributed to conservative commentator William F Buckley Jr. and British statesman Winston Churchill. Would you please explore this topic?

Quote Investigator: The earliest strong match located by QI appeared in a profile of William F Buckley Jr. published in “Esquire” magazine in 1961. Buckley believed that socialism was a flawed economic system, but he also found fault with individual capitalists. He felt that the magazine he founded called “National Review” deserved greater financial support from business people, and he blamed “just plain stinginess”. Boldface has been added to excerpts: 1

Mr. Buckley paused a moment, then quoted an adage someone had told him that he felt summed up the problem: “The trouble with socialism is socialism; the trouble with capitalism is capitalists.”

This instance used the word “trouble” instead of “problem”. The context indicated that Buckley was not claiming credit for the expression. During the following decades he employed it multiple times, and in 1978 he ascribed the words to William Schlamm (Willi Schlamm), a European journalist who had worked with Buckley in the early years of the “National Review”.

Here are additional selected citations in chronological order.

Continue reading The Trouble with Socialism Is Socialism; the Trouble with Capitalism is Capitalists

Notes:

  1. 1961 January 1, Esquire: The Magazine for Men, Volume 55, Number 1, William F. Buckley, Jr.: Portrait of a Complainer by Dan Wakefield, Start Page 49, Quote Page 50, Column 1, Esquire Inc., New York. (Verified on microfilm)