Later tonight the Greek parliament will vote on a five-year plan of budget cuts, tax raises and privatization in order to win a bailout package consisting of EU/IMF funds. While the prospects of the parliamentary vote, its expected passage, and the subsequent saving of the French banks, have somewhat calmed the markets; I am somewhat surprised how easily the market seems to
Tag: socialist
A person or persons who believes in the “socialism” as a economic system. Socialist economies are based upon production for use and the direct allocation of economic inputs to satisfy economic demands and human needs (use value); accounting is based on physical quantities of resources, some physical magnitude, or a direct measure of labour-time.Goods and services for consumption are distributed through markets, and distribution of income is based on the principle of individual merit/individual contribution. Socialism is an economic system in which the means of production are either state owned or commonly owned and controlled cooperatively; or a political philosophy advocating such a system. As a form of social organization, socialism is based on co-operative social relations and self-management; relatively equal power-relations and the reduction or elimination of hierarchy in the management of economic and political affairs.