In the usual (though certainly not in every) public decision on economic policy, the choice is between courses that are almost equally good or equally bad. It is the narrowest decisions that are most ardently debated. If the world is lucky enough to enjoy peace, it may even one day make the discovery, to the horror of doctrinaire free-enterprisers and doctrinaire planners alike, that what is called capitalism and what is called socialism are both capable of working quite well.

Summary

This quote suggests that in economic policy decisions, there are often two options that are neither significantly good nor bad. It implies that these decisions are fiercely debated despite the minimal differences between the options. Furthermore, it proposes that if the world is fortunate enough to experience peace, it may come to realize that capitalism and socialism, which are typically seen as opposing ideologies, can both be successful. This notion challenges the rigid beliefs of devoted proponents of either system.

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