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Socialism terms
Where collectivism is winning and failing.
Collectivism The view that the group, whether class, nation or community, takes priority over the individual in setting values and policies. Communism A system, or the ideology behind it, aiming for a classless society with common ownership of property, historically led by one-party states. Democratic socialism A form of socialism that pursues collective ownership or extensive public provision through elections and democratic institutions. Equality of outcome The idea that policy should aim to produce similar results, such as incomes or representation, across individuals or groups. Knowledge problem The argument that no central planner can gather the dispersed information needed to run an economy as effectively as markets do. Marxism The body of social and economic theory derived from Karl Marx, centered on class conflict and the replacement of capitalism. Socialism An economic and political system in which the means of production are owned or controlled collectively or by the state rather than privately. Universal basic income A proposal for regular cash payments to all citizens or residents, regardless of income or work status. Wealth tax A recurring tax on the total net worth of individuals above a threshold, rather than on their annual income.