JimBowie1958
Old Fogey
- Sep 25, 2011
- 63,590
- 16,767
- 2,220
Let me give you my understanding of what the word 'socialism' is used for, and maybe it will help us understand where we are each coming from.
1. When American conservatives talk about socialism, they mean any kind of government control or oversight. Conservatives in America are about the only group who uses the word this way.
2. In Nordic Model Socialism, as I was educated by some posters on this board last year, it is essentially capitalism with a heavy dose of government oversight and regulation. Capitalism under Nordic Model Socialism does not have as its sole purpose to make maximum profit, but to serve the interests of the people of a nation. This is my preferred system of economics and the 'lodestone', as Pence might say, for economic policy.
3. Fabian Socialism is the most commonly advocated form of socialism in industrialized countries, and I believe it requires the government to own the basic resources and heavy industry which the businesses purchase from and then make products for the consumer. This was the economic socialism pursued by the Labor party in the UK for decades until Blair sort of re-oriented the party.
4. Marxism is the hard-core socialist theory that is more philosophical ideology than economic theory. In it the government owned ALL means of production of just about everything and distributed these resources and products to people based on their needs instead of any sort of commodity barter or purchasing activity in a market. While the first three have operated with mixed success, Nordic Model though is the best performing economic system as yet implemented to include capitalism, Marxism is always a failure because it removes all motivation to engage in labor.
As we face an uncertain labor market in the future I think more and more nations will move toward Nordic Model Socialism because it not only makes people feel like we are all in this economic endeavor together to benefit each other, but it actually does work better than any other capitalist system when measured by average income per capita.
Last edited: