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.
A market economy is an economic system in which the decisions regarding investment, production and distribution to the consumers are guided by the price signals created by the forces of supply and demand. The major characteristic of a market economy is the existence of factor markets that play a dominant role in the allocation of capital and the factors of production.
A mixed economy is an economic system that accepts both private businesses and nationalized government services, like public utilities, safety, military, welfare, and education. A mixed economy also promotes some form of regulation to protect the public, the environment, or the interests of the state.
Neoliberalism, also neo-liberalism, is a term used to signify the late-20th century political reappearance of 19th-century ideas associated with free-market capitalism, which had fallen into decline following the Second World War. The term has multiple, competing definitions, and is often used pejoratively. In scholarly use, the term is frequently undefined or used to characterize a vast variety of phenomena.
The Swedish Social Democratic Party, formally the SwedishSocial Democratic Workers' Party, usually referred to as The Social Democrats, is a centre-left social-democratic, feminist and democratic socialist political party in Sweden. Founded in 1889, the SAP is the country's oldest and currently largest party.
The Third Way, also known as Modernised Social Democracy is a centrist political position that attempts to reconcile centre-right and centre-left politics by synthesising a combination of economically liberal and social democratic economic policies along with centre-left social policies.
Democratic capitalism, also referred to as market democracy, is a political and economic system that integrates resource allocation by marginal productivity, with policies of resource allocation by social entitlement. The policies which characterise the system are enacted by democratic governments.
Centre-right politics lean to the right of the political spectrum, but are closer to the centre. Parties of the centre-right generally support liberal democracy, capitalism, the market economy, private property rights, and a modest welfare state. They support conservatism and economic liberalism and oppose socialism and communism.
The Anglo-Saxon model is a regulated market-based economic model that emerged in the 1970s based on the Chicago school of economics, spearheaded in the 1980s in the United States by the economics of then President Ronald Reagan, and reinforced in the United Kingdom by then Prime Minister Margaret Thatcher. However, its origins are said to date to the 18th century in the United Kingdom and the ideas of the classical economist Adam Smith.
Progressivism in the United States is a political philosophy and reform movement. Into the 21st century, it advocates policies that are generally considered social democratic and part of the American Left. It has also expressed itself with right-wing politics, such as New Nationalism and progressive conservatism. It reached its height early in the 20th century. Middle/working class and reformist in nature, it arose as a response to the vast changes brought by modernization, such as the growth of large corporations, pollution, and corruption in American politics. Historian Alonzo Hamby describes American progressivism as a "political movement that addresses ideas, impulses, and issues stemming from modernization of American society. Emerging at the end of the nineteenth century, it established much of the tone of American politics throughout the first half of the century."
The Nordic model comprises the economic and social policies as well as typical cultural practices common in the Nordic countries. This includes a comprehensive welfare state and multi-level collective bargaining based on the economic foundations of social corporatism, and a commitment to private ownership within a market-based mixed economy—with Norway being a partial exception due to a large number of state-owned enterprises and state ownership in publicly listed firms.
Socialism of the 21st century is an interpretation of socialist principles first advocated by German sociologist and political analyst Heinz Dieterich and taken up by a number of Latin American leaders. Dieterich argued in 1996 that both free-market industrial capitalism and 20th-century socialism have failed to solve urgent problems of humanity such as poverty, hunger, exploitation of labour, economic oppression, sexism, racism, the destruction of natural resources and the absence of true democracy. Socialism of the 21st century has democratic socialist elements, but it also resembles Marxist revisionism.
Social democracy is a political, social, and economic philosophy within socialism that supports political and economic democracy and supports a gradualist, reformist and democratic approach towards achieving socialism, usually under a social liberal framework. In practice, social democracy takes a form of socially managed welfare capitalism, achieved with partial public ownership, economic interventionism, and policies promoting social equality.
Redistribution of income and wealth is the transfer of income and wealth from some individuals to others through a social mechanism such as taxation, welfare, public services, land reform, monetary policies, confiscation, divorce or tort law. The term typically refers to redistribution on an economy-wide basis rather than between selected individuals.
Progressivism is a political philosophy that holds that it is possible to improve human societies through political reform or through government mandates.
The modern welfare state has been criticized on economic and moral grounds from all ends of the political spectrum. Many have argued that the provision of tax-funded services or transfer payments reduces the incentive for workers to seek employment, thereby reducing the need to work, reducing the rewards of work and exacerbating poverty. On the other hand, socialists typically criticize the welfare state as championed by social democrats as an attempt to legitimize and strengthen the capitalist economic system which conflicts with the socialist goal of replacing capitalism with a socialist economic system.
Democratic socialism is a left-wing set of political philosophies that supports political democracy and some form of a socially owned economy, with a particular emphasis on economic democracy, workplace democracy, and workers' self-management within a market socialist, decentralised planned, or democratic centrally planned socialist economy. Democratic socialists argue that capitalism is inherently incompatible with the values of freedom, equality, and solidarity and that these ideals can only be achieved through the realisation of a socialist society. Although most democratic socialists seek a gradual transition to socialism, democratic socialism can support revolutionary or reformist politics to establish socialism. Democratic socialism was popularised by socialists who opposed the backsliding towards a one-party state in the Soviet Union and other nations during the 20th century.
Centre-left politics is the range of left-wing political ideologies that lean closer to the political centre and broadly conform with progressivism. Ideologies of the centre-left include social democracy, social liberalism and green politics. Ideas commonly supported by the centre-left include welfare capitalism, social justice, liberal internationalism, and multiculturalism. Economically, the centre-left supports a mixed economy in a democratic capitalist system, often including economic interventionism, progressive taxation, and the right to unionize. Centre-left politics are contrasted with far-left politics that reject capitalism or advocate revolution.
Progressive capitalism is an approach to capitalism that seeks to improve the current neoliberal American capitalism that emerged in 1980. Progressive capitalism aims to improve economic results through four defining beliefs, namely the vital role businesses play in the economy by creating jobs, fostering innovation, enabling voluntary exchange, and providing competitive goods and services; the recognition of the important role public goods, public institutions, public services and public infrastructure play in supporting businesses including: research, schools, health care, social insurance, taxation, labor law and regulation of markets; the need for the state to be involved in design and oversight of the playing field; and the integration of social justice, stewardship of natural resources and responsibility to all major stakeholders. It is being advocated by Ro Khanna and Joseph Stiglitz.
Social democracy originated as an ideology within the labour whose goals have been a social revolution to move away from purely laissez-faire capitalism to a social capitalism model sometimes called a social market economy. In a nonviolent revolution as in the case of evolutionary socialism, or the establishment and support of a welfare state. Its origins lie in the 1860s as a revolutionary socialism associated with orthodox Marxism. Starting in the 1890s, there was a dispute between committed revolutionary social democrats such as Rosa Luxemburg and reformist social democrats. The latter sided with Marxist revisionists such as Eduard Bernstein, who supported a more gradual approach grounded in liberal democracy and cross-class cooperation. Karl Kautsky represented a centrist position. By the 1920s, social democracy became the dominant political tendency, along with communism, within the international socialist movement, representing a form of democratic socialism with the aim of achieving socialism peacefully. By the 1910s, social democracy had spread worldwide and transitioned towards advocating an evolutionary change from capitalism to socialism using established political processes such as the parliament. In the late 1910s, socialist parties committed to revolutionary socialism renamed themselves as communist parties, causing a split in the socialist movement between these supporting the October Revolution and those opposing it. Social democrats who were opposed to the Bolsheviks later renamed themselves as democratic socialists in order to highlight their differences from communists and later in the 1920s from Marxist–Leninists, disagreeing with the latter on topics such as their opposition to liberal democracy whilst sharing common ideological roots.
