Defining Socialism

[Valin]

The Foundry:

Marion Smith

December 10, 2012

 

 

For those who failed to recognize the ideological stakes of the recent election, Merriam-Webster Dictionary has revealed that many Americans were well aware of the confrontation between the ideas of capitalism and socialism.

 

The terms “socialism” and “capitalism” received more searches on Merriam-Webster’s popular online dictionary than any other terms this year. Expectedly, the spikes in interest corresponded with the national party conventions and televised presidential debates. Online users found the below Merriam-Webster definitions:

 

(Snip)

 

As it relates to public policy, it is hard to improve on Margaret Thatcher’s incisive definition of socialism as a system that would rather “the poor were poorer, provided the rich were less rich” (see video above). It is a mistake to focus on the income gap rather than overall economic growth; according to Thatcher, “you do not create wealth and opportunity that way; you do not create a property-owning democracy that way.”

 

(Snip)