In an effort for argumentative clarity we have this definition of the many meanings of the word “socialism” – please indicate which kind you mean in discussion.
- Socialism 1 – Mandatory insurance against unfortunate events in life – nationally funded health care and old age pensions would fall in this category. Essentially a form of income smoothing
- Socialism 2 – Government provision of services that provide for unfortunate events in life – Britain’s National Health Service and the American Woman and Infant Children program would fall into this category
- Socialism 3 – Government Ownership of business deemed crucial for the health or prosperity of the nation, either de factor or de jure – Crown Corporations in Canada are an example of this
- Socialism 4 – Government ownership of business without qualification
- Socialism 5 – Command economy