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Featured article Socialism is a political, social, and economic philosophy defined by social ownership of the means of production and democratic control or workers' self-management of enterprises. Social ownership can be through the state, through a collective or cooperative, or of equity, in the sense of shares of ownership in businesses. Socialism has many different variants, as it is defined by just social ownership of the means of production. Different socialists thus have different views on things like the role of democracy, whether to focus more on electoralism or revolution, or the degree of market involvement in the economy. As the means of production are owned collectively in socialism, enterprises are oriented for the needs of many rather than the pleasure of a few. There are different dynamics in socialism than in modes of production which feature private property, as socialism seeks the abolition of commodity production and capital accumulation, instead organizing industry on the principle of production for use. read more...

Did you know... ...that Winston Churchill, Herbert Hoover, and even King Edward VIII of Great Britain were all initially sympathetic towards Hitler? The Soviet mathematical school founded by Kantorovich and the Austrian school exemplified by Mises and Hayek took radically different positions on the feasibility of socialist economic calculation. To a large extent they ignored one another. The Austrian school largely concentrated on criticising Western trained socialist economists like Lange and the Soviet school appears to have ignored Mises completely. Even when the key participants met, the issue was not raised. With the political demise of the USSR, the Austrian school have tended to assume that Mises arguments have been vindicated, but theoretical economic arguments are not finally resolved by politics. Political fashions change. So- cialism, from being politically unpopular in Europe the 1990s, has, since then, been making substantial inroads on another continent. No, one has to bring economic arguments head to head in their own terms. Kantorovich, an absent participant in the Western debate on socialist calculation, is worth paying attention to.