1. Socialism is an economic system based on
common ownership of the means of production. Socialism aims at equalizing income. Socialism abolishes private titles in capital, especially publicly traded stock. Citizens of a
socialist state each receive a ‘social dividend’ as equal owners of socialized capital. Social dividend payments can be either ‘in kind’ through distribution of consumer goods or through
cash payments.
2. Socialism is an economic system that abolishes markets for financial and real capital. Socialism prohibits private speculation for profit. Socialism substitutes central planning of capital investment for entrepreneurial planning. Socialism necessarily leads to centralized economic
control by political authorities and is therefore antidemocratic. The political
nature of socialism leads to mismanagement of capital investment and declining living standards.
3. Socialism is an economic system that transfers income from wealthy to
poor. Socialism operates on the principle of “from each according to his ability, to each according to his need. Socialism entails incentive problems known as The Tragedy of the Commons. Socialism impairs incentives for labor productivity and the care of
natural and capital resources. Western
welfare-redistributive states constitute limited forms of socialism.
4. Socialism is an economic system where each is responsible for everyone but themselves.
state socialism
1. The USSR and its satellites
2. NAZI Germany
3. Red China
Semi-Socialist
Welfare States
1. New Deal/Great Society America
2. The Swedish Welfare State 1950-1992
3. Pre Thatcher-Post 1960
England of the Labor
Party
4. Post 1960 West Germany/Germany