Socialism vs. Liberalism

Socialism vs. Liberalism : Socialism vs. Liberalism By : Kunal Patel April 29,2009 INR 3018

Socialism : Socialism Socialism refers to a broad set of economic theories of social organization advocating public or state ownership and administration of the means of production and distribution of goods, and a society characterized by equality for all individuals (Wikipedia)

Socialism : Socialism Socialism was originally based in the working class and has generally been opposed to capitalism, which is based on private ownership and a free market economy. Socialists have advocated nationalization of natural resources, basic industries, banking and credit institutions, and public utilities. Although the ultimate aim of early socialists was a communist or classless society, later socialists have increasingly concentrated on social reforms within capitalism.(Wikipedia)

Liberalism : Liberalism Liberalism is a broad class of political philosophies that considers individual liberty and equality to be the most important political goals (Wikipedia)

Forms of Liberalism : Forms of Liberalism Classical Liberalism Emphasizes the importance of individual liberty Contemporary (Social or Welfare) Liberalism Emphasizes material equality Redistribution of wealth In Europe the term liberalism is closer to the economic outlook of American economic conservatives.

Liberalism : Liberalism Social liberalism supports government regulation of the economy and business Classical liberalism opposes all government regulation of business and the economy

Similarities : Similarities The word "liberal" was first used in its modern political sense in 1812, when Spaniards wrote a new constitution liberating themselves from monarchical rule. As it happens, the word "socialism" originated in roughly in the same period. Socialism came into existence to describe the utopian ideas of the British reformer Robert Owen.

Similarities continued : Similarities continued Such timing suggests two possibilities: Either the fates of liberalism and socialism are so interlinked that one is all but synonymous with the other, or The two are actually competitors developed to meet similar conditions, in which case victory for one marks the defeat of the other.

Slide 9 : What is the distinction between Liberalism and Socialism? Do you think that Obama’s programs are a step towards socialism?

References : References E. Belfort Bax, Liberalism versus Socialism, November 1890, pp.1184-1202. Harry K. Girvetz and Minogue Kenneth. Liberalism, Encyclopedia Britannica   Msn Encarta, 2003, http://encarta.msn.com/encyclopedia_761552311/Liberalism.html   Wikipedia, Wikimedia Foundation, Inc, http://en.wikipedia.org/wiki/Socialism   Wikipedia, Wikimedia Foundation, Inc, http://en.wikipedia.org/wiki/Liberalism

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