socialism

Alec Nove
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.
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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. 02 September 2014 <http://www.dictionaryofeconomics.com/article?id=pde2008_S000173> doi:10.1057/9780230226203.1568

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