We need a wavey system that is designed to self-correct between the extremes of free-market capitalism and authoritarian communism. Both extremes have their downsides, just instead of using a war or bloodshed to trigger a bounce back in the other direction the way we normally do it, we just build it into the system. I expect that it would usually hover near the middle, a sort of democratic socialism.
When resources are plentiful and the economy is strong, we tip toward a free-er market where taxes are lower, regulations are less strict, the market can have its natural ebbs and flows, and risk takers can enjoy their wins (and losses); conversely, when resources are tighter and inequality begins rising, we rein things in, tax more heavily, reinstate certain regulations, and make sure we’re directing the wealth we’ve generated toward those who need help. A sort of exploration/exploitation feedback loop.
We’ll never find ourselves surprised by a sudden economic shift with no plan in place, and several parties all pulling in different directions trying to vote for their own interests; instead we’ve all already agreed decades ahead of time on what we would do for the good of the country when anyone is in need, and we would quantify exactly what needs to improve before we start shifting back the other way. No one should ever have the sensationalist response of, “this is it, the country is going to be ruined forever by these new policies,” but rather, “this may not be ideal for me right now, but I feel my needs are met, and I understand who we’re doing it for, why, and for how long”.