To what extent do socialists agree about the economy?

Question 1

What do all forms of socialism agree on regarding the economy?

Answer 1

All forms of socialism broadly agree on the economy.

Question 2

How do socialists view capitalism?

Answer 2

All forms of socialism are critical of the negative effects of capitalism.

Question 3

What do socialists emphasize about competition in capitalism?

Answer 3

All forms of socialism are critical of the wasteful competition inherent within capitalism and emphasize the need for cooperation.

Question 4

What is the goal of the economy according to socialism?

Answer 4

All forms of socialism are committed to an economy that creates a fairer society.

Question 5

What do socialists envision regarding equality?

Answer 5

All forms of socialism envisage equality of opportunity within society.

Question 6

What do evolutionary socialists believe about capitalism?

Answer 6

Evolutionary socialists all agree that capitalism can be reformed of its most exploitative tendencies.

Question 7

What are the main disagreements between branches of socialism regarding the economy?

Answer 7

There are noticeable disagreements and tensions concerning how the economy should be organised.

Question 8

What is the belief of revolutionary socialists about capitalism?

Answer 8

Revolutionary socialists think capitalism is beyond reform.

Question 9

What is the belief of evolutionary socialists about capitalism?

Answer 9

Evolutionary socialists think capitalism can be reformed but disagree on how to reform it.

Question 10

What do revolutionary socialists believe about revolutions in economies?

Answer 10

Revolutionary socialists like Marx and Engels think only mature economies can experience revolution.

Question 11

What is Luxemburg’s argument regarding revolutions in economies?

Answer 11

Luxemburg argues that less mature economies are also capable of successful revolutions.

Question 12

How do socialists differ on the role of the state in the economy?

Answer 12

Revolutionary socialists think the state will wither away, while evolutionary socialists disagree on how active the state must be in managing the economy.

Question 13

What are the differing views of evolutionary socialists on managing the economy?

Answer 13

Webb favours nationalisation; Crosland supports a mixed economy; Giddens prefers a neo-liberal free market.

Question 14

What does the third way argue regarding equality of outcome?

Answer 14

The third way argues for far less equality of outcome than either social democracy or democratic socialism.