There appears to be confusion over economic and political terms

I've noticed in a number of videos on BitChute, and probably as an overall growing trend, that people appear to be conflating various distinct economic and even political terms as being part and parcel of the same class of economics, for example, welfare being labelled socialism or a form of socialism, and free market capitalism being earmarked as a meritocracy when both by definition and real world example, they are neither.

I try to quickly explain the differences in this video, but I strongly encourage individuals to read the full blown and subtle differences of various types of economic systems and political systems. I believe you will find it's substantially more diverse than just 'socialism' or 'capitalism', and it's worth reading up so media outlets can't get one past you on the definitions or types simply because of cliches.