Thanks, interesting to read. I think a log of socialist governments around the world (including in Latin America and Africa) conflate socialism with central planning. Whereas the key distinguishing characteristic of socialism is a commitment to equitable outcomes, unlike capitalism which prioritises private profit regardless of equitable outcomes. How we achieve equitable outcomes is an empirical issue, and it likely combines market mechanisms with regulation and planning.
Thanks, interesting to read. I think a log of socialist governments around the world (including in Latin America and Africa) conflate socialism with central planning. Whereas the key distinguishing characteristic of socialism is a commitment to equitable outcomes, unlike capitalism which prioritises private profit regardless of equitable outcomes. How we achieve equitable outcomes is an empirical issue, and it likely combines market mechanisms with regulation and planning.