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Socialism aims to banish evils of capitalist economy

Socialism aims to banish evils of capitalist economy

Socialism may have lost its sheen with the unrelenting wave of democratic revolutions during the last part of the 20th century, but socialism history shows that the ideals behind it never left the consciousness of many people who find reasons to complain about the failures of a capitalist market economy in their own experiences. The bastions of democracy like the US and the EU have lately slipped off the mark and their own peoples are voicing reforms that echo socialist sentiments. One need only look at the “Occupy Wall Street” movements sweeping across the US to see a marked desire to instill social responsibility among capitalists that have proven to hold the nation by the neck.

Looking for an exact all-embracing definition of the philosophy is futile as there are dozens of flavors resulting in various socialist political movements since the concept first became recognizable as such in the late 19th century.

Having said that, there are fundamental core themes common among European socialists. These include a general bent towards social equality, responsibility and economic security which private ownership and capitalist control have largely ignored in the pursuit of personal enrichment. Another is the view that collective control of the nation’s resources and productive facilities results in more social justice and economic equity among the people. In other words, socialism espouses that society as collective whole rather than individual enjoying competing freedoms fosters human equality, individual productivity and a resulting social justice for everyone. It allows no room for poverty, unemployment and social inequality, and no justification for laziness or useless work in the society.

All these echoes socialist advocacies that promise to end the recession gripping the world pointing to an overhaul of the current capitalist economies as the cure. It is no wonder that many countries now have political parties that espouse the concept but without denigrating basic democratic freedoms of elective governance, speech and expression that people hold dear. This time, the socialist agenda gets tempered with the ideals that put more conscience of social justice to economic policies that had otherwise created record unemployment and economic disenfranchisement.

As the late world-renown physicist Albert Einstein once said, socialism carries a political view “directed towards a social–ethical end.” Now that’s really at the heart of the matter. Capitalism makes everyone busy accumulating wealth with little regard for the social-ethical consequence, not even a myopic one. It’s all about, “he who has the money, rules the world.” Socialism history has shown that the European socialist experiment has been a dismal failure. But with what many are experiencing today, who’s to say that capitalism is no less a failure?