this post was submitted on 05 Nov 2024
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This is a misunderstanding of what socialists mean when they say we need to abolish private property. To socialists, private property and personal property are two very different things. Private property (also sometimes referred to as the means of production and sometimes but not always includes real estate) is specifically used to turn a profit, whereas personal property (stuff like your TV, couch, food, bed, car, etc.) is property that is owned by individuals. Socialists do not believe that personal property should be abolished, but they think that private property should.
That being said, my personal beliefs are that we should have an economic system that guarantees all basic human needs to all humans, which includes housing, food, healthcare, water, sewage, power, internet, heating/cooling (depending on location and climate) while giving the workers ownership over the businesses that they work for (essentially forcing large corporations to become worker-owned co-ops) while incentivizing small businesses to continue to be created and invested in. I'm not sure how to feel about forcing small businesses to be worker-owned co-ops, since I feel like that would decrease incentives to start them and invest time and money into them.
Professor Richard Wolff calls this socialism or Marxism, but it doesn't have the centralization of economic power that previous socialist experiments had, with the USSR being the largest example.