What is socialism?

Socialism is an economic system characterised by social ownership of the means of production and co–operative management of the economy. “Social ownership” may refer to cooperative enterprises, common ownership, state ownership, or citizen ownership of equity.

A socialist economic system would consist of a system of production and distribution organised to directly satisfy economic demands and human needs, so that goods and services would be produced directly for use instead of for private profit driven by the accumulation of capital. Accounting would be based on physical quantities, a common physical magnitude, or a direct measure of labour-time in place of financial calculation. Distribution would be based on the principle to each according to their contribution.

Proponents of state socialism advocate the nationalisation of the means of production, distribution and exchange as a strategy for implementing socialism. Unfortunately for adherents, the economic calculation problem continues to be an obstacle to socialist economic theory and practical implementation.

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