Socialist market economy A substantial private sector exists alongside the state sector of the economy, but it plays a secondary role usually relegated to the service sector and production of consumer goods.

Cons of Socialism The biggest disadvantage of socialism is that it relies on the cooperative nature of humans to work. It ignores those within society who are competitive and focus on personal gain. Those people tend to seek ways to overthrow and disrupt society for their own benefit.

In a socialist economy, the government owns and controls the means of production; personal property is sometimes allowed, but only in the form of consumer goods.

Democratic socialism is defined as having a socialist economy in which the means of production are socially and collectively owned or controlled, alongside a democratic political system of government. Democratic socialists reject most self-described socialist states and Marxism–Leninism.

Socialism is an economic and political system under which the means of production are publicly owned. Capitalism is an economic system under which the means of production are privately owned. Production and consumer prices are based on a free-market system of “supply and demand.”

The Socialist Party USA, officially the Socialist Party of the United States of America (SPUSA), is a democratic socialist political party in the United States. In October 2019, the Socialist Party nominated Howie Hawkins for President of the United States in the 2020 election.

Eugene Victor “Gene” Debs (November 5, 1855 – October 20, 1926) was an American socialist, political activist, trade unionist, one of the founding members of the Industrial Workers of the World (IWW) (“Wobblies”) and five times the candidate of the Socialist Party of America for President of the United States.

It began with utopian communities in the early 19th century such as the Shakers, the activist visionary Josiah Warren and intentional communities inspired by Charles Fourier. Labor activists, usually British, German, or Jewish immigrants, founded the Socialist Labor Party of America in 1877.

Marxist–Leninist states

1. We all us generated socially and should be shared equally by society. 2. Government should regulate the ownership of land and industry to reduce socioeconomic equalities.

Marxists consider the material world as an integrated whole in which all things and phenomena are interconnected and interdependent. Whereas, socialists believe in equality and abolition of private enterprise.