The reason there is no standard definition of 'socialism' is really quite simple....
There has never been a successful socialist economy.
Capitalism defined is fairly easy because we have shining examples of it all over the World.
Free Market Capitalism is too often confused with 17th, 18th and 19th Century State-Sponsored Corporatism.
The two aren't related in any way. None at all, really.
For idiot 'socialists' living in the past, they make comparisons of today's modern Free Market Capitalism based on 17th Century Corporatism. Which is idiotic..... But, then again, so is socialism.
It doesn't work.
Ever been to Sweden? I have.
It does suck. It really does. (when I was there 20 years ago) An entire Country filled with depressed, suicidal Citizens who can only hide their unhappiness through heavy doses of alcohol and Janteloven.
But at least the Swedes realized their mistakes and are trying to work themselves out of them.
Right now, Sweden is considered far more business-start-up-friendly than the United States and is real close in the ease of doing business.
Ranking of economies - Doing Business - World Bank Group
socialism sucks. It has failed in every instance it has ever been tried
I have been to Sweden numerous times and there is a lot about Sweden's society that has to be admired. They think more long term than say the US economy, they think as a society.
But generally you get a feeling that if things don't work out that there is a safety net there. Edgetho fails to point out that there is no begging on the street, crime is super low. There version of low income ghettos are perfectly safe anytime of the day.
Education is free and courses are given to academic achievement solely, so get the grades doesn't matter how much daddy makes. Imagine that level of hope to kids.
The place is super clean and working there I found even the business culture doesn't revert to an Alpha Male contest. I worked there two years ago on a project that was way over budget but not one person rose there voice or said a snide comment. That behaviour is unacceptable. There was disagreements but they were professional, this was my biggest take back from them.
Drug problem is dealt with treatment more than jail time.
What I got from them is they a higher functioning society than most every place I have worked around the world. I found similar things in Denmark but they were more North German influence with less freedom of thought.
As for Edgetho, let me explain this to you... Both USA, Hong Kong, Sweden.... are mixed economies. Your 'socialism suck' comment means you want no roads, police, firemen, army, any health or safety standard... You have just made yourself a joke... A pure capitalist society would self destruct,
In pure capitalism you will have little to no labor laws, child labor, low wages and other abusive work policies that lead to low living standards..... Since there is no money to enforce laws they don't have to be obeyed.
By the way can you give us a major economist in history who say
Laissez-faire (pure captialism) would work. This backed up by a serious piece of work. Even the 'Wealth of Nations' , Adam Smith said later:
Adam Smith acknowledged deep moral ambiguities towards the system of capitalism. Smith had severe misgivings concerning some aspects of each of the major character-types produced by modern capitalist society: the landlords, the workers, and the capitalists.
[37] "The landlords' role in the economic process is passive. Their ability to reap a revenue solely from ownership of land tends to make them indolent and inept, and so they tend to be unable to even look after their own economic interests." "The increase in population should increase the demand for food, which should increase rents, which should be economically beneficial to the landlords. Thus, according to Smith, the landlords should be in favour of policies which contribute to the growth of in the wealth of nations. Unfortunately, they often are not in favour of these pro-growth policies, because of their own indolent-induced ignorance and intellectual flabbiness."
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So the godfather of your ideas is not backing you up.