[simonh]

I think the best approach is a balance of powers between multiple branches of government, as we have in many liberal democracies. Executive, legislative and judicial. It's a long way from perfect, but it's actually worked pretty well for hundreds of years. Combined with a robust system of individual freedoms of speech, association, ownership and labour rights. What that all adds up to is capitalism plus regulation by a representative government.

The main alternatives that have been tried concentrate power in the hands of a single group, or ultimately a single person. In fact arguably giving power to a single group implicitly gives it to the leader of that group. This has always been a disaster, and always will be a disaster as long as we are recognisably human, with all the associated flaws.

Corruption and abuses are the result of human failings. We're always going to have to continuously strive against them.