Mutualism (economic theory)Mutualism is an anarchist school of thought and economic theory that advocates a socialist society based on free markets and usufructs, i.e. occupation and use property norms. One implementation of this system involves the establishment of a mutual-credit bank that would lend to producers at a minimal interest rate, just high enough to cover administration. Mutualism is based on a version of the labor theory of value that it uses as its basis for determining economic value.
Economy of the Soviet UnionThe economy of the Soviet Union was based on public ownership of the means of production, collective farming, and industrial manufacturing. An administrative-command system managed a distinctive form of central planning. The Soviet economy was characterized by state control of investment and prices, a dependence on natural resources, lack of consumer goods, little foreign trade, public ownership of industrial assets, macroeconomic stability, low unemployment and high job security.
Proletarian internationalismProletarian internationalism, sometimes referred to as international socialism, is the perception of all proletarian revolutions as being part of a single global class struggle rather than separate localized events. It is based on the theory that capitalism is a world-system and therefore the working classes of all nations must act in concert if they are to replace it with communism. Proletarian internationalism was strongly embraced by the first communist party, the Communist League, as exercised through its slogan "Proletarians of all countries, unite!", later popularized as "Workers of the world, unite!" in English literature.
NationalizationNationalization (nationalisation in British English) is the process of transforming privately-owned assets into public assets by bringing them under the public ownership of a national government or state. Nationalization contrasts with privatization and with demutualization. When previously nationalized assets are privatized and subsequently returned to public ownership at a later stage, they are said to have undergone renationalization.
Public sectorThe public sector, also called the state sector, is the part of the economy composed of both public services and public enterprises. Public sectors include the public goods and governmental services such as the military, law enforcement, infrastructure, public transit, public education, along with health care and those working for the government itself, such as elected officials. The public sector might provide services that a non-payer cannot be excluded from (such as street lighting), services which benefit all of society rather than just the individual who uses the service.
Economic planningEconomic planning is a resource allocation mechanism based on a computational procedure for solving a constrained maximization problem with an iterative process for obtaining its solution. Planning is a mechanism for the allocation of resources between and within organizations contrasted with the market mechanism. As an allocation mechanism for socialism, economic planning replaces factor markets with a procedure for direct allocations of resources within an interconnected group of socially owned organizations which together comprise the productive apparatus of the economy.
Fabian SocietyThe Fabian Society is a British socialist organisation whose purpose is to advance the principles of social democracy and democratic socialism via gradualist and reformist effort in democracies, rather than by revolutionary overthrow. The Fabian Society was also historically related to radicalism, a left-wing liberal tradition. As one of the founding organisations of the Labour Representation Committee in 1900, and as an important influence upon the Labour Party which grew from it, the Fabian Society has had a powerful influence on British politics.
William MorrisWilliam Morris (24 March 1834 – 3 October 1896) was a British textile designer, poet, artist, fantasy writer, and socialist activist associated with the British Arts and Crafts movement. He was a major contributor to the revival of traditional British textile arts and methods of production. His literary contributions helped to establish the modern fantasy genre, while he helped win acceptance of socialism in fin de siècle Great Britain. Morris was born in Walthamstow, Essex, to a wealthy middle-class family.
Libertarian socialismLibertarian socialism is an anti-authoritarian and anti-capitalist political current that emphasises self-governance and workers' self-management. It is contrasted from other forms of socialism by its rejection of state ownership and from other forms of libertarianism by its rejection of private property. Broadly defined, it includes schools of both anarchism and Marxism, as well as other tendencies that oppose the state and capitalism.
Economic ideologyAn economic ideology is a set of views forming the basis of an ideology on how the economy should run. It differentiates itself from economic theory in being normative rather than just explanatory in its approach, whereas the aim of economic theories is to create accurate explanatory models to describe how an economy currently functions. However, the two are closely interrelated, as underlying economic ideology influences the methodology and theory employed in analysis.
