Socialism : A Variety Of Social And Economic Systems Essay

1497 Words Feb 8th, 2016 null Page
Socialism is a variety of social and economic systems characterised by social ownership and democratic control of themeans of production;[7] as well as the political ideologies, theories, and movements that aim at their establishment.[8]Social ownership may refer to forms of public, cooperative, or collective ownership; to citizen ownership of equity; or to any combination of these.[9] Although there are many varieties of socialism and there is no single definition encapsulating all of them,[10] social ownership is the common element shared by its various forms.[5][11][12]
Socialism can be divided into both non-market and market forms.[13] Non-market socialism involves the substitution of an economic mechanism based on engineering and technical criteria centered around calculation performed in-kind forfactor markets, money and the accumulation of capital; therefore functioning according to different economic laws than those of capitalism. Non-market socialism aims to circumvent the inefficiencies and crises traditionally associated with the profit system.[22] By contrast, market socialism retains the use of monetary prices and factor markets for the allocation of capital goods between socially-owned enterprises and, in some cases, the profit motive with respect to their operation. Profits would either accrue to society at large in the form of a social dividend or directly to the workforce of each firm.[23][24][25] The feasibility and exact methods of resource allocation and…

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