socialism
From The New Palgrave Dictionary of Economics, Second Edition, 2008
Edited by
Steven
N.
Durlauf
and
Lawrence
E.
Blume
Alternate versions available:
1987 Edition
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Abstract
A society may be defined as socialist if the major part of the means of production of goods and services is in some sense socially owned and operated, by state, socialized or cooperative enterprises. The practical issues of socialism comprise the relationships between management and workforce within the enterprise, the interrelationships between production units (plan versus markets), and, if the state owns and operates any part of the economy, who controls it and how. ‘Feasible socialism’ would take the form of a mixed economy, with enterprises large and small, many if not most self-managed or cooperative, and some privately owned.
Keywords
alienation; capitalism; Chicago School; class; class struggle; collectivization; communism; division of labour; economic calculation; economic development; Engels, F.; entrepreneurship; exploitation; Fabian Society; inequality; labour theory of value; Lenin, V.; Mao Tse-Tung; Marx, K.; Marxian value analysis; methodological individualism; monopoly capitalism; perfect competition; perfect foresight; proletariat; rate of profit; self-management; social democracy; socialism; unemployment; use value
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How to cite this article
Nove, Alec. "socialism." The New Palgrave Dictionary of Economics. Second Edition. Eds. Steven N. Durlauf and Lawrence E. Blume. Palgrave Macmillan, 2008. The New Palgrave Dictionary of Economics Online. Palgrave Macmillan. 21 May 2013 <http://www.dictionaryofeconomics.com/article?id=pde2008_S000173> doi:10.1057/9780230226203.1568

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