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A social philosophy and system of
social organization based on the principle of the public ownership of the material means
of economic production. Socialism is both a political and an economic concept as a
democratic society is necessary for its full realization and smooth functioning. In
socialist society there is no possibility of deriving income from the ownership of
production apparatus or goods, land, or capital
(or what is broadly termed the
exploitation of labor) since these are done away with entirely. It should be pointed out
that the prevalent socialist myth in the United States that socialism involves centralized
ownership and administration of all economic functions (as the Soviet socialist experience
often indicated), has no grounding in socialist theory, particularly in democratic
socialism. There have been and are many kinds of socialist theory: Marxian socialism, Fabian socialism, guild socialism,
Christian socialism, syndicalism, etc. - Michael Harrington, Socialism
(New York: Saturday Review Press, 1972).
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