Abstract
In the Marxian tradition socialism means the end of expropriation of surplus value from labour by capitalists. If markets are needed more to coordinate economic activity than to provide incentives to workers and managers, socialism could be achieved by more equal distribution of share ownership with restrictions on cashing in shares. Social homogeneity may be a necessary condition for the democratic implementation of egalitarian programmes through redistribution, if the welfare state is motivated by either a purely redistributive or an insurance function. Hence the challenge to implementing socialism posed by multiculturalism.
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Roemer, J.E. (2018). Socialism (New Perspectives). In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95189-5_2424
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DOI: https://doi.org/10.1057/978-1-349-95189-5_2424
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