Abstract
A society may be defined as socialist if the major part of the means of production of goods and services is in some sense socially owned and operated, by state, socialized or cooperative enterprises. The practical issues of socialism comprise the relationships between management and workforce within the enterprise, the interrelationships between production units (Plan versus markets), and, if the state owns and operates any part of the economy, who controls it and how. ‘Feasible socialism’ would take the form of a mixed economy, with enterprises large and small, many if not most self-managed or cooperative, and some privately owned.
This chapter was originally published in The New Palgrave Dictionary of Economics, 2nd edition, 2008. Edited by Steven N. Durlauf and Lawrence E. Blume
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Nove, A. (2008). Socialism. In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95121-5_1718-2
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DOI: https://doi.org/10.1057/978-1-349-95121-5_1718-2
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