217
3.2 Socialism
According to the Oxford English Dictionary, socialism is a system of organization
based on state or collective ownership and regulation of the means of production,
distribution and exchange for the common benefit of all members of society
(Ferguson 2019). It is similar to capitalism with the important difference that state
ownership of firms is substituted for government regulation of firms. As well, the
purpose of socialism is for the achievement of the common benefit of all members
of society. This is the same purpose as that of democratic regimes.
3.3 Mixed Capitalist/Socialism
These systems are the same as capitalist economic systems with the added category
of the broader public sector organizations for the production and distribution of
goods and services outside of market systems. These include crown corporations,
primary, secondary and postsecondary educational institutions, public transportation corporations, hospitals, federal, provincial and municipal governments and
their agencies that provide a wide variety of services and products. As well, they
include financial transfers for social services to individuals. In Canada, government
sector spending accounts for almost 21% of GDP.
4 Democracy
The institutions and principles of representative democracy are described in Sect.
4.1 and the elements of the common good of democracy are outlined in Sect. 4.2.
Section 4.3 identifies the main failure of representative democracy, as opposed to
direct democracy, that has been evident for over 200 years.
4.1 Institutions and Principles of Representative Democracy
The following list is derived from (Venton 2016, pp. 192,193, 200–206) and (Venton
2017, pp. 248–250).
• A social contract balancing positive freedom of citizens to organize for the production and distribution of public services with negative freedom from responsibility for others through the tax expenditure system for providing public services
• A constitution and the rule of law about which all are informed that provides for
free speech and the right of assembly and property rights
• Principles of equality, equal opportunity, and social justice
The Political Economy of Managing Without Growth
3.2 Socialism
According to the Oxford English Dictionary, socialism is a system of organization
based on state or collective ownership and regulation of the means of production,
distribution and exchange for the common benefit of all members of society
(Ferguson 2019). It is similar to capitalism with the important difference that state
ownership of firms is substituted for government regulation of firms. As well, the
purpose of socialism is for the achievement of the common benefit of all members
of society. This is the same purpose as that of democratic regimes.
3.3 Mixed Capitalist/Socialism
These systems are the same as capitalist economic systems with the added category
of the broader public sector organizations for the production and distribution of
goods and services outside of market systems. These include crown corporations,
primary, secondary and postsecondary educational institutions, public transportation corporations, hospitals, federal, provincial and municipal governments and
their agencies that provide a wide variety of services and products. As well, they
include financial transfers for social services to individuals. In Canada, government
sector spending accounts for almost 21% of GDP.
4 Democracy
The institutions and principles of representative democracy are described in Sect.
4.1 and the elements of the common good of democracy are outlined in Sect. 4.2.
Section 4.3 identifies the main failure of representative democracy, as opposed to
direct democracy, that has been evident for over 200 years.
4.1 Institutions and Principles of Representative Democracy
The following list is derived from (Venton 2016, pp. 192,193, 200–206) and (Venton
2017, pp. 248–250).
• A social contract balancing positive freedom of citizens to organize for the production and distribution of public services with negative freedom from responsibility for others through the tax expenditure system for providing public services
• A constitution and the rule of law about which all are informed that provides for
free speech and the right of assembly and property rights
• Principles of equality, equal opportunity, and social justice
The Political Economy of Managing Without Growth