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In Marxist theory, socialism refers to a specific stage of social and economic development that will displace capitalism, characterized by coordinated production, public or cooperative ownership of capital, diminishing class conflict and inequalities that spawn from such and the end of wage-labor with a method of compensation based on the ...
Other socialist theories, such as mutualism and market socialism, attempt to apply the labor theory of value to socialism, so that the price of a good or service is adjusted to equal the amount of labor time expended in its production. The labor-time expended by each worker would correspond to labor credits, which would be used as a currency to ...
Free association, also known as free association of producers, is a form relationship among individuals where there is no private ownership of the means of production. A key feature of socialist economics , it has been defined differently by different schools of socialism, entailing either the individual , collective or common ownership of the ...
Rawls promotes the property-owning democracy above four alternative institutions: laissez-faire capitalism, welfare-state capitalism, state socialism with a command economy and liberal socialism. [3] This ranking is determined in accordance with Rawls' two principles of justice prescribed in A Theory of Justice (1971), which has been widely ...
Most generally for Weber, Western capitalism was the "rational organization of formally free labor". The idea of the "formally free" laborer meant in the double sense of Marx that the laborer was both free to own property and free of the ability to reproduce his labor power, i.e. was the victim of expropriation of his means of production.
The law of equal liberty is the fundamental precept of liberalism and socialism. [1] Stated in various ways by many thinkers, it can be summarized as the view that all individuals must be granted the maximum possible freedom as long as that freedom does not interfere with the freedom of anyone else. [2]
The following outline is provided as an overview of and topical guide to socialism: Socialism – range of economic and social systems characterised by social ownership of the means of production and workers' self-management [10] as well as the political theories and movements associated with them. [11]
Karl Marx believed that expansion of the productive forces and technology was the basis for the expansion of human freedom and that socialism, being a system that is consistent with modern developments in technology, would enable the flourishing of "free individualities" through the progressive reduction of necessary labour time.