To what extent do socialists agree over the economy? Flashcards
para 1 - agree
All socialists agree that common ownership can benefit the economy greatly. Total common ownership is absolutely pivotal to the ideas of revolutionary socialists, Marx, Engels and Luxemburg , who argue that it is key for a more equal society. More modern socialists also possess elements of common ownership in their ideology, with Webb also seeing public ownership as important, with her arguing for a new economy based on common ownership of the means of production
para 1 - disagree
However, the extent of how far common ownership should go is disputed. Marx and Engels see total common ownership as the only way forward. More modern socialists like Crosland however view common ownership in a much less important way, arguing that public spending is far more important than public ownership, and that only a few key services needing to be owned by the state. Furthermore, third way socialist Anthony Giddens argues that a free market has unmatched capacity to empower individuals economically, and therefore common ownership is not desirable.
para 2 - agree
All socialists agree that capitalism ahs created inequality. Marx and Engels are incredibly critical of it, arguing that it only serves the needs of the small elite who own and treat workers barely better than slaves. This view is shared by Webb and Luxemburg, with Webb seeing capitalism as a chaotic system
para 2 - disagree
There are disagreements over what should happen to capitalism and whether is should be replaced. Marx and Engels believe it should be destroyed in favour of an economic system what will serve the workers. Crosland and Giddens on the other hand disagree. Crosland argues that through the use of Keynesian economics, capitalism could work and support the workers. Furthermore, Giddens goes even further, arguing that it is irreversible and must be worked with if pursuit of further equality is the goal.
para 3 - agree
Socialists agree that state involvement in the economy is necessary. Marx, Engels and Luxemburg believe a new worker run state should be totally involved and own the economy, and that this is the way that they will advance society. This is shared by Webb and Crosland, who both believe that the state being involved is the way to achieve prosperity
para 3 - disagree
The way in which the state should involve themselves. Whilst Marx, Engels and Luxemburg believe in total common ownership, more modern socialists argue that the state should involve itself in a different way. Crosland and Giddens argue that the state should be proactive, but through heavy investment and large spending, like through the policies of Keynes. This is seen in the policies of Tony Blair when he was Prime minister. This is a far cry away from the ideas of total common ownership.