Socialism

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  • Socialism is an economic system characterized by state ownership or control (legally the same) of the means of production. Defined by Karl Marx as the abolition of private property in capital, socialism is sometimes construed as “state capitalism” due to the similarities between concentrating ownership or control of capital in a private sector financial or economic elite and vesting ownership or control of capital in a state bureaucracy. Socialism is thus the opposite, not of capitalism, but of an economy in which the means of production are broadly and directly owned by a determinant number of people.

    Socialism takes many forms, but all are characterized by an understanding of natural law, and thus of the human person, directly at odds with traditional western political theory based ...

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