Socialism

When we talk about socialism, it is important to recognize that in literature there are so many meanings of the term socialism that it has almost become an enigma. Yet, most meanings of socialism have one thing in common: critique of the economic theory based on private property and competition. Socialists argued that an economic system based on competition cannot survive for long and that it will not be able to absorb demand for its continuously rising production. Socialists also raised the issue of rising inequality among different classes of people under capitalism, which, to them, was the cause of several social evils. Spiegel (1971) says that the idea of socialism can be traced back to the influences of enlightenment. He showed that before Marx socialism carried several meanings in the English and French worlds. Some of them are:

• Ricardo’s teachings that economic value can be measured in terms of labor.

• A belief that economic inequality leads to many evils in society.

• The impact of trade union movement.

• Godwin’s belief that man is essentially good but he has been corrupted by evil institutions.

• Concern about poor working conditions (such as long hours), especially for children.

• Belief in altruism.

• Theories of exploitation and surplus value.

• Denial of productivity of capital.

• Exploitation of workers by the employers who pay them only for a fraction of time they work.

• Religious concern for the condition of the laboring classes (Christian socialism).

• Revolutionary ideas of Auguste Blanqui and advocacy of proletarian dictatorship to be established through revolution.

• Saint-Simon’s theory that classes rather than individuals are the principal agents of development.

• Fourier’s plea for cooperative associations and greater social harmony.