Socialism Definition Redistribution Of Wealth

On the opposite side of the ledger is the socialist policy of income redistribution.

Socialism definition redistribution of wealth. Hardcore socialists mainly see it that redistribution must occur to make capitalism fairer because it is a system where a few people can earn hundreds of thousands even millions through the ownership of vast swathes of labour capital and private property whereas the workers earn what those few people dictate. Indeed socialism is often defined by these reactionaries as the redistribution of wealth which is seen as the ultimate evil because it leads to socialism which is evil and it s evil because it entails the redistribution of wealth you get the idea. There are a few notable problems with this. The term typically refers to redistribution on an economy wide basis rather than between selected individuals.

It is through the self interest of others that we find prosperity. Redistribution of income and wealth is the transfer of income and wealth from some individuals to others by means of a social mechanism such as taxation charity welfare public services land reform monetary policies confiscation divorce or tort law. Some of the other answers make a distinction between a one time redistribution of wealth and the means of production e g the 1917 revolutions in russia and continuing redistribution i e. See ability to pay principle of taxation redistribution of income principle of taxation wealth tax.

Politically elite liberals promote socialism as the panacea to income and wealth inequality. Socialism is the coercive collection and redistribution of wealth by government. They call for increased wealth transfers funded by higher taxation of the rich. The transfer of income from one section of the community to another is achieved primarily by the use of a progressive taxation system and a variety of welfare provisions subsidized housing old age pensions etc.

Redistribution of wealth is in fact a major goal of socialism and his remarks were therefore criticized by those wanting market forces to be the sole determiner of how the economic pie gets sliced and distributed. Redistribution of wealth obama was once heard talking to joe the plumber about the need to spread the wealth around. The redistribution economy distributes social justice in the form of living rations to the bottom of the economy socialism and reserves distributions of capital to develop opportunities for the. In true socialism there is no redistribution of wealth.

Both types of redistribution are coercive. Interpretations of the phrase vary depending on personal perspectives political ideologies and the selective use of.