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==Historic types==

==Historic types==

There are three main kinds of Socialism, all of them are built on the premise of government control of the means of production.

There are three main kinds of Socialism, all of them are built on the premise of government control of the means of production.

===National Socialism===

===National Socialism===

[[Image:Ur8756.jpg|right|thumb|[[Ludwig von Mises]] ]]

[[Image:Ur8756.jpg|right|thumb|[[Ludwig von Mises]] ]]

The [[Ludwig von Mises Institute]] declares:

The [[Ludwig von Mises Institute]] declares:

===Britain, the Labour Party and Socialism===

===Britain, the Labour Party and Socialism===

At its inception, the [[Labour Party]] borrowed socialist ideas by committing itself to a program of nationalization under 'Clause 4' of their Constitution, but was always fundamentally committed to the British system of parliamentary government. Clause 4 was formally dropped after the election of [[Tony Blair]] as Party leader, signaling the creation of 'New' Labour.<ref>http://news.bbc.co.uk/onthisday/hi/dates/stories/july/21/newsid_2515000/2515825.stm</ref>  The British governments of 1945-1950 and 1950-1951 under [[Clement Attlee]] implemented the nationalization of several industries and utilities, including coal, steel, water, railways and electricity. Former owners of nationalized industries were compensated.  The best known example is the nationalization of health care to create the [[National Health Service]] (NHS).  This made - literally overnight - health care "free" at the point of delivery for everybody in Britain, and it remains so today.

At its inception, the [[Labour Party]] borrowed socialist ideas by committing itself to a program of nationalization under 'Clause 4' of their Constitution, but was always fundamentally committed to the British system of parliamentary government. Clause 4 was formally dropped after the election of [[Tony Blair]] as Party leader, signaling the creation of 'New' Labour.<ref>http://news.bbc.co.uk/onthisday/hi/dates/stories/july/21/newsid_2515000/2515825.stm</ref>  The British governments of 1945-1950 and 1950-1951 under [[Clement Attlee]] implemented the nationalization of several industries and utilities, including coal, steel, water, railways and electricity. Former owners of nationalized industries were compensated.  The best known example is the nationalization of health care to create the [[National Health Service]] (NHS).  This made - literally overnight - health care "free" at the point of delivery for everybody in Britain, and it remains so today.

=== Obamunism ===

=== Obamunism ===

In April 2010, [[American]] political consultant [[Dick Morris]] wrote:

In April 2010, [[American]] political consultant [[Dick Morris]] wrote:

{{cquote|When [[Obama]] took office, federal, state and local spending accounted for 30 percent of [[gross domestic product]]. Now it is up to 35 percent, and when health care is fully implemented, it will rise to above 40 percent. But taxes are still below 30 percent. The difference is the deficit, now grown to 10 percent of our GDP.

{{cquote|When [[Obama]] took office, federal, state and local spending accounted for 30 percent of [[gross domestic product]]. Now it is up to 35 percent, and when health care is fully implemented, it will rise to above 40 percent. But taxes are still below 30 percent. The difference is the deficit, now grown to 10 percent of our GDP.

==== Larry Summers and Leftist Economics ====

==== Larry Summers and Leftist Economics ====

[[Larry Summers]] currently is the Director of the White House's National Economic Council (NEC) for President Barack Obama. George Gerald Reisman, Professor Emeritus of Economics at [[Pepperdine University]] and author of ''Capitalism: A Treatise on Economics'', wrote that Summers' socialistic ideas on redistributing wealth demonstrate that [[Larry Summers]] is a "lightweight leftist" who "fails to understand the nature of the most essential feature of capitalism, namely, private ownership of the means of production and the indispensable role it plays in the standard of living of the average person."<ref name="misesblog">http://blog.mises.org/archives/009031.asp</ref>  Reisman also wrote that Summers is a shallow and ignorant man whose knowledge of economics is minimal and whose evil views qualify him to be the economic advisor to [[Hugo Chavez]] of [[Venezuela]] or [[Robert Mugabe]] of [[Zimbabwe]], but do not qualify him to be an economic advisor to the President of the United States.<ref name="misesblog" />

[[Larry Summers]] currently is the Director of the White House's National Economic Council (NEC) for President Barack Obama. George Gerald Reisman, Professor Emeritus of Economics at [[Pepperdine University]] and author of ''Capitalism: A Treatise on Economics'', wrote that Summers' socialistic ideas on redistributing wealth demonstrate that [[Larry Summers]] is a "lightweight leftist" who "fails to understand the nature of the most essential feature of capitalism, namely, private ownership of the means of production and the indispensable role it plays in the standard of living of the average person."<ref name="misesblog">http://blog.mises.org/archives/009031.asp</ref>  Reisman also wrote that Summers is a shallow and ignorant man whose knowledge of economics is minimal and whose evil views qualify him to be the economic advisor to [[Hugo Chavez]] of [[Venezuela]] or [[Robert Mugabe]] of [[Zimbabwe]], but do not qualify him to be an economic advisor to the President of the United States.<ref name="misesblog" />

==Contradictory Goals of Socialism==

==Contradictory Goals of Socialism==

Socialism's stated purpose is to eliminate the huge gap between the highest and lowest classes of society. Their bitter complaint has been that the upper class exploits its dominance to gain privileges and wealth, while the lower class must suffer tyranny and poverty.<ref>"all socialists agree that a socialist economy must be run for the benefit of the vast majority of the people rather than for a small aristocratic, plutocratic, or capitalist class." [http://www.experiencefestival.com/socialism_-_an_economic_system]</ref>  This obsession with class paradoxically creates a group of people with a vested interest in seeing class differences remain (socialist politicians, [[community organizer]]s, ''etc.''); if by some means the class system actually ''were'' destroyed, these people would be out of a job.

Socialism's stated purpose is to eliminate the huge gap between the highest and lowest classes of society. Their bitter complaint has been that the upper class exploits its dominance to gain privileges and wealth, while the lower class must suffer tyranny and poverty.<ref>"all socialists agree that a socialist economy must be run for the benefit of the vast majority of the people rather than for a small aristocratic, plutocratic, or capitalist class." [http://www.experiencefestival.com/socialism_-_an_economic_system]</ref>  This obsession with class paradoxically creates a group of people with a vested interest in seeing class differences remain (socialist politicians, [[community organizer]]s, ''etc.''); if by some means the class system actually ''were'' destroyed, these people would be out of a job.

==Key elements==

==Key elements==

As a political ideology based on the expropriation of wealth, socialism stresses the privileges of the nomenklatura over the rights of workers and earners.  Many of the most notoriously oppressive dictatorships have been socialist, such as the [[Soviet Union]] and China under Mao Zedong. Private wealth was seized and the owners executed.

As a political ideology based on the expropriation of wealth, socialism stresses the privileges of the nomenklatura over the rights of workers and earners.  Many of the most notoriously oppressive dictatorships have been socialist, such as the [[Soviet Union]] and China under Mao Zedong. Private wealth was seized and the owners executed.

== Criticism of socialism ==

== Criticism of socialism ==

[[Friedrich Hayek]] and [[Ludwig von Mises]] were important critics of socialism, particularly regarding what is known as the Socialist Calculation Debate.  Hayek and Mises argued that a socialist economy would face information constraints that would prevent even well intentioned planners from efficiently allocating resources.  That is, the planners would not know how much a battleship or a hospital cost, and could not efficiently allocate resources among different choices.  This criticism should be considered as compatible with, but independent of, criticisms based on [[Public choice theory]] that bring into consideration the incentives of political actors.

[[Friedrich Hayek]] and [[Ludwig von Mises]] were important critics of socialism, particularly regarding what is known as the Socialist Calculation Debate.  Hayek and Mises argued that a socialist economy would face information constraints that would prevent even well intentioned planners from efficiently allocating resources.  That is, the planners would not know how much a battleship or a hospital cost, and could not efficiently allocate resources among different choices.  This criticism should be considered as compatible with, but independent of, criticisms based on [[Public choice theory]] that bring into consideration the incentives of political actors.