Socialism economy

Question 1

what are socialist views towards the economy?

Answer 1

• fundamental
• redistributive
• ambivalent about capitilism
• interventionist

Question 2

what do socialists believe about the economy being fundamental?

Answer 2

• socialism attaches huge important to economics. marx was also one of the first to highlight clear and unbreakable connections between politics, philosophy and economics
• marx argued that it was impossible to understand political argument, or the workings of the state, without first acquiring a proper appreciation of how a states economy works
• later socialists were not so radical, giddens thought it was perfectly possible to create a better kind of society, with greater social justice, without overhauling the exsisting capitalist economy
• nevertheless they all see that economic policy is central to the socialist project of a fairer, more equal society

Question 3

what do socialists believe about the economy being redistributive?

Answer 3

• socialists believe that the creation of an egalitarian society must involve the redistribution of wealth and recources, the aim being to narrow the gap between the richest and poorest classes.
• however, among socialists there are crucial disputes about the broader economic framework in which such ‘redistribution’ might occur

Question 4

what do socialists believe about being ambivalent about capitlism?

Answer 4

• within socialism, the chief economic argument concerns the desirability of capitalism.
• for orthodox socialists such as marx, lux and webb, capitlism is wholly incompatible with socialist economics, as capitalism always generates huge disparities of wealth
• but among revisionists like crosland and giddens, effective capitalism is the precondition of an effective socialist economic policy, creating the wealth which socilaist governments can then redistribute equitably
• as crossland said “it is difficult to redistribute wealth if there is no wealth to redistribute”

Question 5

what do socialists believe about being interventionist?

Answer 5

• socialists do agree that there should be greater government intervention in the economy. in this respect, socialists reject a purely lassez-faire, or libaterian form of capitlism
• given their aim of creating a more equal society, socialist govs usually adopt a more hands on approach