An economic system based on public ownership of the means of production. The most overt examples of public or common ownership exist in strict communist societies. Small scale communes exist within which people own all physical assets commonly. Some communes even have common ownership of some clothing. Strict communism requires income equality, and is sometimes referred to as economic democracy.
Common ownership of the means of production implies that production is directed by 'society' rather than by entrepreneurs. Socialists tend to promote democratic government as the representative of society in directing production. Large scale production cannot be planned through direct democratic vote, and requires that bureaucrats and officials decide many issues in production.
Critics of socialism claim that socialism fails to match the performance of capitalism for three reasons. First the equalization of incomes eliminates the incentive to innovate and work hard. Second, bureaucrats and high officials do not posses the informational required to direct production in a complex society. Market prices are needed to solve the informational problems of directing production, and socialism will at best have pseudo-prices. The absence of financial markets is a major problem with socialism. Third, socialism tends to degenerate into oppressive dictatorship. The incentive, informational, and political problems of socialism are inescapable.
Many want socialism for ideological reasons. Egalitarian ethics drive the socialist movement. Marxists claim that capitalism is exploitative. Socialism is indefensible in terms of economic efficiency and natural rights ethics. Socialists envision a better world, but their dreams are unrealizable.
Common ownership of the means of production implies that production is directed by 'society' rather than by entrepreneurs. Socialists tend to promote democratic government as the representative of society in directing production. Large scale production cannot be planned through direct democratic vote, and requires that bureaucrats and officials decide many issues in production.
Critics of socialism claim that socialism fails to match the performance of capitalism for three reasons. First the equalization of incomes eliminates the incentive to innovate and work hard. Second, bureaucrats and high officials do not posses the informational required to direct production in a complex society. Market prices are needed to solve the informational problems of directing production, and socialism will at best have pseudo-prices. The absence of financial markets is a major problem with socialism. Third, socialism tends to degenerate into oppressive dictatorship. The incentive, informational, and political problems of socialism are inescapable.
Many want socialism for ideological reasons. Egalitarian ethics drive the socialist movement. Marxists claim that capitalism is exploitative. Socialism is indefensible in terms of economic efficiency and natural rights ethics. Socialists envision a better world, but their dreams are unrealizable.
1. the USSR (Soviet socialism based on overt central planning)
2. Nazi Germany (national socialism based on comprehensive regulation)
3. Sweden in 1991 (before the backed off from the abyss)
4. England just before Thatcher (before the backed off from the abyss)
2. Nazi Germany (national socialism based on comprehensive regulation)
3. Sweden in 1991 (before the backed off from the abyss)
4. England just before Thatcher (before the backed off from the abyss)
by evolutionary subjectivist October 7, 2007
Get the socialism mug.The political system that centers on the needs of the society as a whole. Sometimes used as an alternative name for communism or as a derogatory term for opponents of capitalism. In fact it is a very wide term that can accomodate quite diverse ideologies.
by The eternal grunt May 27, 2004
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Yet another of the misbegotten, utopian visions that fails to live up to reality. Socialism is said to be a tool for the workers, but it is often touted and implemented by a very few that believe humans will act like robots.
by Anonymous January 30, 2003
Get the socialism mug.A govenment or economic system that is often favored by lazy hippies. This is a system that is loved by people who dont want to work for what they have and want the government to control all of our lives, but at least we will have free health care.
At the earth day rally the lazy hippies played their bongos and talked about how great socialism is, but they were so high and lazy they never took any action.
by the_big_o May 27, 2005
Get the socialism mug.Barack Obama is a friggin' socialist. How could all you people vote for him? You people are so dumb that you don't even know what socialism is. This country is going to Hell--er, rather--more Hell... Hell level 2.
by Sloppy Genius March 28, 2009
Get the Socialist mug.A political ideology which has been applied at many different levels and with many different results. It has evolved over time and has influenced many other ideologies (such as National Socialism, Communism and moderate Liberal Capitalism, Anarchists also ocassionaly refer to themselves as liberal socialists).
Modern socialist ideas are normally based on re-distribution of wealth by means of a progressive taxation system. For example providing a minimum wage for workers and health benfits in times of sickness.
Although socialism has traditionally been associated with public ownership, many Socialist governments (such as the British Labour Party under Tony Blair) now favour a system of "democratic capitalism" where the government and the market co-operate to provide basic services and living standards to the citizens of a country. See also The Third Way.
Socialism is also associated with unionisation, stemming from a belief that workers should not be exploited by artificialy created market conditions. However the intensity of this belief does seem to vary widley across different groups of socialists.
Modern socialist ideas are normally based on re-distribution of wealth by means of a progressive taxation system. For example providing a minimum wage for workers and health benfits in times of sickness.
Although socialism has traditionally been associated with public ownership, many Socialist governments (such as the British Labour Party under Tony Blair) now favour a system of "democratic capitalism" where the government and the market co-operate to provide basic services and living standards to the citizens of a country. See also The Third Way.
Socialism is also associated with unionisation, stemming from a belief that workers should not be exploited by artificialy created market conditions. However the intensity of this belief does seem to vary widley across different groups of socialists.
Arthur Scargill's style of socialism is only one of many interpretations, and differs from Tony Blair's style of socialism.
by Flame August 29, 2003
Get the socialism mug.A rag worn by the all-knowing members of ISO (International Socialist Organization) usually red checker-type pattern, sometimes black. It's actually called a keffiyeh but who the fuck cares what it's called? You look like a badass rebel!!!
Ken: Yo Pete, what is that thing strangling you?
Pete: Oh that? It's my new socialist scarf!
Ken" Gee Pete! I didn't realize you were cool enough to be apart of such a beautiful and meaningful display of personal beliefs!
Passerbyer:WTF mates?
Pete: Oh that? It's my new socialist scarf!
Ken" Gee Pete! I didn't realize you were cool enough to be apart of such a beautiful and meaningful display of personal beliefs!
Passerbyer:WTF mates?
by orvilleredenbacher April 11, 2009
Get the socialist scarf mug.