![]() The socialist political movement includes political philosophies that originated in the revolutionary movements of the mid-to-late 18th century and out of concern for the social problems that socialists associated with capitalism. Economic democracy proposes a sort of market socialism, with more democratic control of companies, investments and natural resources. While retaining socialism as a long-term goal, in the post-war period social democracy embraced a mixed economy based on Keynesianism within a predominantly developed capitalist market economy and liberal democratic polity that expands state intervention to include income redistribution, regulation, and a welfare state. Social democracy originated within the socialist movement, supporting economic and social interventions to promote social justice. Socialist politics have been internationalist and nationalist organised through political parties and opposed to party politics at times overlapping with trade unions and other times independent and critical of them, and present in industrialised and developing nations. Socialist parties and ideas remain a political force with varying degrees of power and influence, heading national governments in several countries. Profits generated by these firms would be controlled directly by the workforce of each firm or accrue to society at large in the form of a social dividend. Market socialism retains the use of monetary prices, factor markets and in some cases the profit motive, with respect to the operation of socially owned enterprises and the allocation of capital goods between them. A non-market socialist system seeks to eliminate the perceived inefficiencies, irrationalities, unpredictability, and crises that socialists traditionally associate with capital accumulation and the profit system. ![]() Non-market socialism substitutes factor markets with integrated economic planning and engineering, or technical criteria based on calculation performed in-kind, thereby producing a different economic mechanism that functions according to different economic laws and dynamics than those of capitalism. Socialist systems divide into non-market and market forms. Some socialists favour a party, state, or technocratic-driven approach, while others disagree on whether government is the correct vehicle for change. Types of socialism vary based on the role of markets and planning in resource allocation, the structure of management in organizations, and different approaches from below or from above. Traditionally, socialism is on the left-wing of the political spectrum. ![]() ![]() No single definition encapsulates the many types of socialism, but social ownership is the common element. Social ownership can take various forms including: public, community, collective, cooperative, or employee. ![]() It describes the economic, political, and social theories and movements associated with the implementation of such systems. Socialism is an economic and political philosophy encompassing diverse economic and social systems characterised by social ownership of the means of production, as opposed to private ownership. ![]()
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