There are different kinds of socialism as there are different forms of Capitalism

Sep 2018
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The problem when arguing about the success or failure of Socialism and Capitalism is definition , few to none is the number of systems that are purely capitalist or socialist, all systems are combinations of state sectors and private sectors Market socialism is a type of economic system involving the public, cooperative or social ownership of the means of production in the framework of a market economy. Market socialism differs from non-market socialism in that the market mechanism is utilized for the allocation of capital goods and the means of production.[1][2][3] Depending on the specific model of market socialism, profits generated by socially owned firms (i.e. net revenue not reinvested into expanding the firm) may variously be used to directly remunerate employees, accrue to society at large as the source of public finance or be distributed amongst the population in a social dividend. Market socialism - Wikipedia
Mill's early economic philosophy was one of free markets. Later he altered his views toward a more socialist bent, adding chapters to his Principles of Political Economy in defence of a socialist outlook, and defending some socialist causes.[12] Within this revised work he also made the radical proposal that the whole wage system be abolished in favour of a co-operative wage system. Nonetheless, some of his views on the idea of flat taxation remained,[13] albeit altered in the third edition of the Principles of Political Economy to reflect a concern for differentiating restrictions on "unearned" incomes, which he favoured, and those on "earned" incomes, which he did not favour.[14]

Mill's Principles, first published in 1848, was one of the most widely read of all books on economics in the period.[15] As Adam Smith's Wealth of Nations had during an earlier period, Mill's Principles dominated economics teaching. In the case of Oxford University it was the standard text until 1919, when it was replaced by Marshall's Principles of Economics.

Mill promoted substituting capitalist businesses with worker cooperatives. He says:

The form of association, however, which if mankind continue to improve, must be expected in the end to predominate, is not that which can exist between a capitalist as chief, and work-people without a voice in the management, but the association of the labourers themselves on terms of equality, collectively owning the capital with which they carry on their operations, and working under managers elected and removable by themselves.[16] Market socialism - Wikipedia

Liberal socialism is a socialist political philosophy that incorporates liberal principles.[1] Liberal socialism does not have the goal of completely abolishing capitalism and replacing it with socialism,[2] but it instead supports a mixed economy that includes both private property and social ownership in capital goods.[3][4] Although liberal socialism unequivocally favors a market-based economy, it identifies legalistic and artificial monopolies to be the fault of capitalism[5] and opposes an entirely unregulated economy.[6] It considers both liberty and equality to be compatible and mutually dependent on each other.[1]

Liberal socialism - Wikipedia


In the midst of China’s post-Mao market reforms, the old status hierarchy is collapsing. Who will determine what will take its place? In Creating Market Socialism, the sociologist Carolyn L. Hsu demonstrates the central role of ordinary people—rather than state or market elites—in creating new institutions for determining status in China. Hsu explores the emerging hierarchy, which is based on the concept of suzhi, or quality. In suzhi ideology, human capital and educational credentials are the most important measures of status and class position. Hsu reveals how, through their words and actions, ordinary citizens decide what jobs or roles within society mark individuals with suzhi, designating them “quality people.”