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Portal:Socialism






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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. It describes the economic, political, and social theories and movements associated with the implementation of such systems. Social ownership can take various forms, including public, community, collective, cooperative, or employee. Traditionally, socialism is on the left wing of the political spectrum. Types of socialism vary based on the role of markets and planning in resource allocation, and the structure of management in organizations.

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. By the late 19th century, after the work of Karl Marx and his collaborator Friedrich Engels, socialism had come to signify anti-capitalism and advocacy for a post-capitalist system based on some form of social ownership of the means of production. By the early 1920s, communism and social democracy had become the two dominant political tendencies within the international socialist movement, with socialism itself becoming the most influential secular movement of the 20th century. Many socialists also adopted the causes of other social movements, such as feminism, environmentalism, and progressivism. (Full article...)

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Market socialism is a type of economic system involving the public, cooperative, or social ownership of the means of production in the framework of a market economy. Market socialism differs from non-market socialism in that the market mechanism is utilized for the allocation of capital goods and the means of production. Depending on the specific model of market socialism, profits generated by socially owned firms (i.e. net revenue not reinvested into expanding the firm) may variously be used to directly remunerate employees, accrue to society at large as the source of public finance, or be distributed among the population in a social dividend. Market socialism is distinguished from the concept of the mixed economy, because unlike the mixed economy, models of market socialism are complete and self-regulating systems. Market socialism also contrasts with social democratic policies implemented within capitalist market economies: while social democracy aims to achieve greater economic stability and equality through policy measures such as taxes, subsidies and social welfare programs, market socialism aims to achieve similar goals through changing patterns of enterprise ownership and management.

Although economic proposals involving social ownership with factor markets have existed since the early 19th century, the term "market socialism" only emerged in the 1920s during the socialist calculation debate. Contemporary market socialism emerged from the debate on socialist calculation during the early-to-mid 20th century among socialist economists who believed that a socialist economy could neither function on the basis of calculation in natural units nor through solving a system of simultaneous equations for economic coordination, and that capital markets would be required in a socialist economy.

Early models of market socialism trace their roots to the work of Adam Smith and the theories of classical economics, which consisted of proposals for cooperative enterprises operating in a free-market economy. The aim of such proposals was to eliminate exploitation by allowing individuals to receive the full product of their labor while removing the market-distorting effects of concentrating ownership and wealth in the hands of a small class of private owners. Among early advocates of market socialism were the Ricardian socialist economists and mutualist philosophers. In the early 20th century, Oskar Lange and Abba Lerner outlined a neoclassical model of socialism which included a role for a central planning board (CPB) in setting prices equal marginal cost to achieve Pareto efficiency. Even though these early models did not rely on genuine markets, they were labeled "market socialist" for their utilization of financial prices and calculation. In more recent models proposed by American neoclassical economists, public ownership of the means of production is achieved through public ownership of equity and social control of investment.


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Webb in 1893
Sidney James Webb, 1st Baron Passfield, OM, PC (13 July 1859 – 13 October 1947) was a British socialist, economist and reformer, who co-founded the London School of Economics. He was an early member of the Fabian Society in 1884, joining, like George Bernard Shaw, three months after its inception. Along with his wife Beatrice Webb and with Annie Besant, Graham Wallas, Edward R. Pease, Hubert Bland and Sydney Olivier, Shaw and Webb turned the Fabian Society into the pre-eminent politico-intellectual society in Edwardian England. He wrote the original, pro-nationalisation Clause IV for the British Labour Party. (Full article...)

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  • ... that the short-lived Socialist Soviet Republic of Lithuania and Belorussia had a Yiddish-language state theatre?
  • ... that an essay of jailed Socialist Revolutionary politician Alexander Helfgot was smuggled out of Russia and published in Berlin in 1922?
  • ... that Bill Shearer, a leader of the segregationist George Wallace's 1968 presidential campaign, also advocated for ballot access for the Socialist Workers Party?
  • ... that British writer Adolphe Smith Headingley popularised the singing of the socialist anthem "The Red Flag" to the tune of "O Tannenbaum" against the wishes of its lyricist?
  • ... that the Eurovision Song Contest 1990, held in Yugoslavia, was the first Eurovision Song Contest to be held in the Balkans or in a socialist state?
  • ... that following the ban of its labour unions in 1934, the Romanian United Socialist Party would rely on its youth and women's wings for political action?
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    This page was last edited on 4 May 2022, at 17:49 (UTC).

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