11 Facts About Socialist economics

Socialist economics has been associated with different schools of economic thought.

Socialist economics ideas found expression in utopian movements, which often formed agricultural communes aimed at being self-sufficient on the land.

Socialist economics was the most well-known of nineteenth century mutualist theorists and the first thinker to refer to himself as an anarchist.

Anarchist Socialist economics is the set of theories and practices of Socialist economics and economic activity within the political philosophy of anarchism.

Socialist economics found that the net product or surplus in the sphere of production was determined by the balance of bargaining power between workers and capitalists, which was subject to the influence of non-economic, presumably social and political, factors.

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Socialist economics economy is a system of production where goods and services are produced directly for use, in contrast to a capitalist economic system, where goods and services are produced to generate profit.

However, the economies of the former Socialist economics states, excluding Yugoslavia, were based on bureaucratic, top-down administration of economic directives and micromanagement of the worker in the workplace inspired by capitalist models of scientific management.

Goal of socialist economics is to neutralize capital, or in the case of market socialism to subject investment and capital to social planning, to coordinate the production of goods and services to directly satisfy demand and to eliminate the business cycle and crises of overproduction that occur as a result of an economy based on capital accumulation and private property in the means of production.

Participatory Socialist economics utilizes participatory decision making as an economic mechanism to guide the production, consumption and allocation of resources in a given society.

Socialist economics planned economies were systems of commodity production, but this was directed in a conscious way towards meeting the needs of the people and not left to the "anarchy of the market".

Criticism of socialist economics comes from market economists such as the classicals, neoclassicals and Austrians as well as from some anarchist economists.