Would Democratic Socialism Be Better Than Social Democratic Capitalism?

Abstract

Abstract Should you favor democratic socialism? If you believe strongly in workplace democracy and are willing to mandate it, or if you attach a high priority to low levels of income and wealth inequality, then possibly yes. Otherwise, you might reasonably prefer to opt for social democratic capitalism, with which we have extensive experience, rather than take a chance on a system that is, to this point in history, untested. Over the coming half century, social democratic capitalism is likely to be the dominant socioeconomic model in the world’s rich democratic nations. This model might evolve to include more economic democracy and more public ownership of firms, which would bring it closer to what contemporary democratic socialists would like. But even if there is no such evolution, that might be okay. Social democratic capitalism isn’t perfect, but it is quite good.