A defense of capitalism that lands as a warning to its supporters: the system Americans actually live under is not the one free-market fans think they are defending.

• Capitalism still beats socialism outright as a system, flaws and all.
• What the US has now is closer to corporatism — a version where elites and big business get the protection while everyone else takes the risk.
• That setup is described as a twisted form of socialism, one that hollows out real capitalism from the inside.
• Socialism is gaining ground with voters for a reason, and capitalism's loudest defenders share the blame.

Outlook: Expect socialist ideas to keep winning converts as long as the economy rewards connected companies over ordinary competition.