this post was submitted on 28 Aug 2023
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Socialism
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No. Socialism seeks to abolish capital.
@cyclohexane @quicksand
Capitalism is an economic system under which private individuals own and control businesses, property, and capital—the “means of production.”
Socialism describes a variety of economic systems under which the means of production (capital) are owned equally by everyone in society. It doesn't abolish capital, it abolishes the private ownership of capital, thus abolishing Capitalism.
@cyclohexane @quicksand A worker's co-op, such as a worker-owned restaurant, is like a half-way point of sorts, a kind of highly-localized Socialist enclave/experiment in a Capitalist sea. There are numerous examples of successful worker-own enterprises, and it's totally fair to call them Socialist, at least in their local/internal functions and spirit. But their customers will still function like typical Capitalist consumers buying goods/services because that's still the larger economic system.