Just come across this section from the late James Cone's study of Martin Luther King and Malcolm X. It's not very well known that towards the end of both their lives, their views started to converge on the following:
‘Martin reflected upon socialism even more seriously when he realized that the black poor (as well as the white poor, a reality that surprised him) were getting poorer and the white rich richer, despite the passage of the much celebrated Civil Rights Act and President Johnson’s War on Poverty. He became explicit about the need for economic equality, an “Economic Bill of Rights for the Disadvantaged” which would guarantee a job or an annual income for all Americans…But because he was still deeply aware of the harm that a “communist smear” could do to the civil rights movement, he was very cautious about the dangers of speaking positively of “democratic socialism.” “Now this means that we’re treading…in very difficult waters, because it really means that we are saying that something is wrong with the economic system of our nation,” he said in a speech to his staff. “It means that something is wrong with capitalism.”
During staff retreats, he often requested that tape recorders be switched off, so he could express his views frankly and honestly about the need for a complete, revolutionary change in the American political economy, replacing capitalism with some form of socialism. What we have had in America is “socialism for the rich and free enterprise for the poor,” Martin said often.’
After yesterday's budget, that last comment of King's seems especially pertinent.