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Who’s a Socialist (or Economic Fascist)?
['Menzie Chinn']
Econbrowser
I hear the term “socialist” bandied about a lot.
As somebody who took a whole semester on the topic (titled, simply “Socialism”, by the late Adam Ulam), I would like to forward a very simple economic definition:Socialism is an economic system in which the means of production and distribution are owned or controlled collectivelySo, who’s a socialist?
Consider this tabulation by the Cato Institute of Federal government ownership, and how it’s boomed under… Donald Trump.
In other words, the most avidly socialistic … or perhaps avidly economic fascist:Economic fascism is a system where the state exerts strong control over private enterprise, directing economic activity to serve national interests while maintaining the appearance of private ownership.
is the Trump Administration.