Socialism- The Economy

Question 1

What do all socialists think about the economy

Answer 1

Socialists generally agree that that capitalism has flaws, and that, if left unaddressed, the social divisions that arise from it will have a detrimental effect on society

Question 2

What do all socialists therefore support (to some degree)

Answer 2

All support some from of economic collectivism, and a degree of state intervention to address the flaws of free-market capitalism

Question 3

What do revolutionary socialists like Marx, Luxembourg think of the economy

Answer 3

Capitalism is corrupt, inefficient and exploitative, a system where workers are forced to sell labour for less than its actual worth.

A system based on collectivism, whereby everyone contributes according to their ability, and received according to their needs was preferable.