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Nationalization may produce other effects, such as reducing competition in the marketplace, which in turn reduces incentives to innovation and maintains high prices. In the short run, nationalization can provide a larger revenue stream for government but may cause that industry to falter depending on the motivations of the nationalizing party.
The phrase is sometimes related to the term class warfare, where the redistribution is alleged to counteract harm caused by high-income earners and the wealthy through means such as unfairness and discrimination. [4] Redistribution tax policy should not be confused with predistribution policies. "Predistribution" is the idea that the state ...
State capitalism is an economic system in which the state undertakes business and commercial (i.e., for-profit) economic activity and where the means of production are nationalized as state-owned enterprises (including the processes of capital accumulation, centralized management and wage labor).
In March 1933, Long offered a series of bills collectively known as "the Long plan" for the redistribution of wealth. The first bill proposed a new progressive tax code designed to cap personal fortunes at $100 million ($2.372 billion in 2024 dollars). Fortunes above $1 million ($23.72 million in 2024) would be taxed at 1%; fortunes above $2 ...
The comprehensive notion of socialization and the public ownership form of social ownership implies an end to the operation of the laws of capitalism, capital accumulation and the use of money and financial valuation in the production process, along with a restructuring of workplace-level organization. [11] [12]
Wealth of an individual is defined as net worth, expressed as: wealth = assets − liabilities A broader definition of wealth, which is rarely used in the measurement of wealth inequality, also includes human capital.
Socialization of the ownership of the means of production is different from nationalization, which can, but usually does not imply the socialization of the workplace. In a capitalist economy, socialization is limited because the socialized enterprise continues to operate in a commodity economy under the capitalist laws of motion. [ 5 ]
The Nordic model of welfare is distinguished from other types of welfare states by its emphasis on maximising labour force participation, promoting gender equality, egalitarian, and extensive benefit levels, the large magnitude of income redistribution and liberal use of expansionary fiscal policy. [68]