An economic system, or economic order, is a system of production, resource allocation and distribution of goods and services within a society. It includes the combination of the various institutions, agencies, entities, decision-making processes, and patterns of consumption that comprise the economic structure of a given community.
Liberty is the state of being free within society from oppressive restrictions imposed by authority on one’s way of life, behavior, or political views.
Criticism of socialism is any critique of socialist economics and socialist models of organization and their feasibility, as well as the political and social implications of adopting such a system. Some critiques are not necessarily directed toward socialism as a system but rather toward the socialist movement, parties, or existing states. Some critics consider socialism to be a purely theoretical concept that should be criticized on theoretical grounds, such as in the economic calculation problem and the socialist calculation debate, while others hold that certain historical examples exist and that they can be criticized on practical grounds. Because there are many types of socialism, most critiques are focused on a specific type of socialism, that of the command economy and the experience of Soviet-type economies that may not apply to all forms of socialism as different models of socialism conflict with each other over questions of property ownership, economic coordination and how socialism is to be achieved. Critics of specific models of socialism might be advocates of a different type of socialism.
Marxism is a method of socioeconomic analysis that uses a materialist interpretation of historical development, better known as historical materialism, to understand class relations and social conflict and a dialectical perspective to view social transformation. It originates from the works of 19th-century German philosophers Karl Marx and Friedrich Engels. As Marxism has developed over time into various branches and schools of thought, no single, definitive Marxist theory exists. Marxism has had a profound impact in shaping the modern world, with various left-wing and far-left political movements taking inspiration from it in varying local contexts.
Libertarianism is a political philosophy that upholds liberty as a core value. Libertarians seek to maximize autonomy and political freedom, and minimize the state's encroachment on and violations of individual liberties; emphasizing the rule of law, pluralism, cosmopolitanism, cooperation, civil and political rights, bodily autonomy, freedom of association, free trade, freedom of expression, freedom of choice, freedom of movement, individualism, and voluntary association. Libertarians are often skeptical of or opposed to authority, state power, warfare, militarism and nationalism, but some libertarians diverge on the scope of their opposition to existing economic and political systems. Various schools of libertarian thought offer a range of views regarding the legitimate functions of state and private power. Different categorizations have been used to distinguish various forms of Libertarianism. Scholars distinguish libertarian views on the nature of property and capital, usually along left–right or socialist–capitalist lines. Libertarians of various schools were influenced by liberal ideas.
In the United States, libertarianism is a political philosophy promoting individual liberty. According to common meanings of conservatism and liberalism in the United States, libertarianism has been described as conservative on economic issues and liberal on personal freedom, often associated with a foreign policy of non-interventionism. Broadly, there are four principal traditions within libertarianism, namely the libertarianism that developed in the mid-20th century out of the revival tradition of classical liberalism in the United States after liberalism associated with the New Deal; the libertarianism developed in the 1950s by anarcho-capitalist author Murray Rothbard, who based it on the anti-New Deal Old Right and 19th-century libertarianism and American individualist anarchists such as Benjamin Tucker and Lysander Spooner while rejecting the labor theory of value in favor of Austrian School economics and the subjective theory of value; the libertarianism developed in the 1970s by Robert Nozick and founded in American and European classical liberal traditions; and the libertarianism associated with the Libertarian Party, which was founded in 1971, including politicians such as David Nolan and Ron Paul.
Freudo-Marxism is a loose designation for philosophical perspectives informed by both the Marxist philosophy of Karl Marx and the psychoanalytic theory of Sigmund Freud. It has a rich history within continental philosophy, beginning in the 1920s and 1930s and running since through critical theory, Lacanian psychoanalysis, and post-structuralism.
Ludwig Heinrich Edler von Mises was an Austrian-American Austrian School economist, historian, logician, and sociologist. Mises wrote and lectured extensively on the societal contributions of classical liberalism and the power of consumers. He is best known for his work on praxeology studies comparing communism and capitalism.
Anarchism is generally defined as the political philosophy which holds the state to be undesirable, unnecessary and harmful as well as opposing authority and hierarchical organization in the conduct of human relations. Proponents of anarchism, known as anarchists, advocate stateless societies based on non-hierarchical voluntary associations. While anarchism holds the state to be undesirable, unnecessary and harmful, opposition to the state is not its central or sole definition. Anarchism can entail opposing authority or hierarchy in the conduct of all human relations.
Anarchism in India first emerged within the Indian independence movement, gaining particularly notoriety for its influence on Mohandas Gandhi's theory of Sarvodaya and his practice of nonviolent resistance. Anarchism was also an influence on the revolutionary movement, inspiring the works of Har Dayal, M. P. T. Acharya and Bhagat Singh, among others.
Bourgeois socialism or conservative socialism was a term used by Karl Marx and Friedrich Engels in various pieces, including in The Communist Manifesto. Conservative socialism was used as a rebuke by Marx for certain strains of socialism but has also been used by proponents of such a system. Bourgeois socialists are described as those that advocate for preserving the existing society while only attempting to eliminate perceived evils of the system. Conservative socialism and right-wing socialism are also used as a descriptor, and in some cases as a pejorative, by free-market conservative and right-libertarian movements and politicians to describe more economically interventionist strands of conservatism, such as paternalistic conservatism.
David Gordon is an American libertarian philosopher and intellectual historian influenced by Murray Rothbard's views of economics. He is a senior fellow of the Ludwig von Mises Institute, a libertarian think tank, and is editor of The Mises Review.
In Marxist thought, a communist society or the communist system is the type of society and economic system postulated to emerge from technological advances in the productive forces, representing the ultimate goal of the political ideology of communism. A communist society is characterized by common ownership of the means of production with free access to the articles of consumption and is classless, stateless, and moneyless, implying the end of the exploitation of labour.
Types of socialism include a range of economic and social systems characterised by social ownership and democratic control of the means of production and organizational self-management of enterprises as well as the political theories and movements associated with socialism. Social ownership may refer to forms of public, collective or cooperative ownership, or to citizen ownership of equity in which surplus value goes to the working class and hence society as a whole. There are many varieties of socialism and no single definition encapsulates all of them, but social ownership is the common element shared by its various forms Socialists disagree about the degree to which social control or regulation of the economy is necessary, how far society should intervene, and whether government, particularly existing government, is the correct vehicle for change.
Pierre-Joseph Proudhon is considered by many to be the "father of anarchism". His background was as a French socialist, politician, philosopher, economist and the founder of mutualist philosophy. He was the first person to declare himself an anarchist, using that term, and is widely regarded as one of anarchism's most influential theorists. Proudhon became a member of the French Parliament after the Revolution of 1848, whereafter he referred to himself as a federalist. Proudhon described the liberty he pursued as "the synthesis of community and property". Some consider his mutualism to be part of individualist anarchism while others regard it to be part of social anarchism.
Market socialism is a type of economic system involving social ownership of the means of production within the framework of a market economy. Various models for such a system exist, usually involving some mix of public, cooperative, and privately owned enterprises. In contrast to the majority of existent socialist economies, which have substituted the market mechanism for some form of economic planning, market socialists wish to retain the use of supply and demand signals to guide the allocation of capital goods and the means of production. Under such a system, depending on whether socially owned firms are state-owned or operated as worker cooperatives, profits may variously be used to directly remunerate employees, accrue to society at large as the source of public finance, or be distributed amongst the population in a social dividend.
The Socialist Party of Great Britain (SPGB) is a socialist political party in the United Kingdom. Founded in 1904 as a split from the Social Democratic Federation (SDF), it advocates using the ballot box for revolutionary purposes and opposes both Leninism and reformism. It holds that countries which claimed to have established socialism had only established "state capitalism" and was one of the first to describe the Soviet Union as state capitalist. The party's political position has been described as a form of impossibilism.
The World Socialist Movement (WSM) is an international organisation of socialist parties created in 1904 with the founding of the Socialist Party of Great Britain (SPGB).
The socialist calculation debate, sometimes known as the economic calculation debate, was a discourse on the subject of how a socialist economy would perform economic calculation given the absence of the law of value, money, financial prices for capital goods and private ownership of the means of production. More specifically, the debate was centered on the application of economic planning for the allocation of the means of production as a substitute for capital markets and whether or not such an arrangement would be superior to capitalism in terms of efficiency and productivity.
Labor-time calculation is a method of economic calculation that uses labor time as the basic unit of accounting and valuation. This method of calculation was advocated by the economists Otto Bauer, Helene Bauer and Otto Leichter as an alternative to calculation in kind for a socialist economy. Otto Leichter criticized in-kind calculation on the basis that rational accounting required a general unit for comparing costs of heterogeneous goods.
