Socialist economics Guide, Meaning , Facts, Information and Description
Socialist economics, like its parent political theory socialism, is a term that contains a diversity of economic theories. These range from Keynesian economics, and post-Keynesian economic theories favored by many social democrats, to democratic state ownership of industry, Kibbutz style communal property ownership, and Cooperatives.In other instances, where a particular business may be privately owned, it may be largely or wholly controlled by the state, or trade unions.
The aims of implementing such ownership structures is to create economies that act in the direct interest of workers, members, or the general populace, rather than a capitalist class. Note that this is subject to the Economic Calculation Debate, an ongoing debate between socialist and free market / Austrian school economists. Here the Austrian school economists have argued that the denial of private property ownership - as some models of socialist economics promote - would inevitably create worse economic conditions for the general populace than those that would be found in market economies. Socialists, of course, refute this claim and argue that an economy based on private property inevitably benefits the wealthy few in the detriment of the poor and middle classes.
Distinctions with Marxist and Green economics
Note, however, that Socialist economics does not necessarily mean Marxist economics or green economics. Cooperatives or communes have existed, and competed, in countries with market like the United Kingdom and Israel. Similarly, many western economies have had state controlled businesses compete against private companies, or state monopolies in some critical areas of otherwise market economies - for example Telstra in Australia.
Similarly, while green economics can be a form of socialist economics, it is not necessarily so. Economic bodies with socialistic ownership structures are not inherrantly more environmentally concerned than traditional businesses.
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