re: What is your definition of socialism? And why or why not is it an effective system?

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China steals technology for the same reason they use child labour. Its cheaper.

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This is incorrect. The thing about innovation and getting a marketable idea recognized and appreciated is hard work. If we are talking about an invention, it requires building a prototype, which requires a shop or a laboratory at least, then you have to be able to convince a bunch of people that your idea can make a difference and will be in demand. The people that you have to convince, are usually people without much imagination.
Nobody will go through that unless they will get some type of personal reward. Jong Shmung in China doesn't receive that. So if he has a great idea, he doesn't bother with it. That's why they don't have much innovation. Money is the grease.