Sunday, February 16, 2020

What Is Socialism?

John C. Goodman Posted: Feb 15, 2020

 Since a leading contender for the Democratic presidential nomination has endorsed it, since most of his opponents have refused to denounce it, and since a majority of young people appear to approve of it, now is a good time to ask: what exactly is socialism?

In a free market, you can buy just about any product you can afford so long as you are willing to pay the market price. Since market prices tend to reflect the social cost of production, in order to consume a good, you must pay what it costs society to produce it. On the supply side, people often have many employment opportunities. But wherever you work, the wage you receive will tends to reflect the social value of your contribution to the economy’s output of goods and services.

Under socialism, government rather than the market sets prices and wages. What difference does that make?..........To Read More....

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