Obama: “So often in the past there has been a division between left and right, between capitalists and communists or socialists, and especially in the Americas, that’s been a big debate,” Obama said.
“Those are interesting intellectual arguments, but I think for your generation, you should be practical and just choose from what works. You don’t have to worry about whether it really fits into socialist theory or capitalist theory. You should just decide what works,” he added.
Obama went on to praise Cuba’s socialist system under dictator Raúl Castro, touting the country’s free access to basic education and health care, although he acknowledged that Havana itself “looks like it did in the 1950s” because the economy is “not working”.
Obama concluded his comments by arguing that a market-based system “has to have a social and moral and ethical and community basis”.