Copyright

Democratic Socialism: Definition, Pros & Cons

Democratic Socialism: Definition, Pros & Cons
Coming up next: Philip Crosby and TQM: Philosophy & Concept

You're on a roll. Keep up the good work!

Take Quiz Watch Next Lesson
 Replay
Your next lesson will play in 10 seconds
  • 0:00 Democratic Socialism Defined
  • 2:13 Pros
  • 3:35 Cons
  • 5:17 Lesson Summary
Save Save Save

Want to watch this again later?

Log in or sign up to add this lesson to a Custom Course.

Log in or Sign up

Timeline
Autoplay
Autoplay
Speed

Recommended Lessons and Courses for You

Lesson Transcript
Instructor: Brianna Whiting
In this lesson, we will explore democratic socialism, a political ideology that brings together aspects of socialism and democracy. We will look at the pros and the cons of this type of system.

Democratic Socialism Defined

Every day, millions of people head off to work. Sometimes, that work consists of a fancy corporate office adorned with a comfortable executive chair, while other jobs may consist of standing all day on the side of a highway holding up a sign for road construction crews. Both jobs pay in the form of monetary compensation. However, the former generally generates a substantial amount of wealth sitting comfortably in a climate-controlled environment, while the other forces the employee to spend countless hours outdoors on his or her feet and exposed to the elements.

Obviously, those individuals in the extravagant office often make big decisions pertaining to their line of work, while the highway worker probably answers to a boss. But, what if both individuals could make equal decisions about their jobs in a larger sense and about the industry in which they work? What if there was equal ownership among the wealthy corporate executive and the average-waged highway worker? The end product is what a democratic socialism might look like.

So what is democratic socialism? The term refers to the ideology combining a socialist economic system with a democratic political system, whereby the means of production is under social ownership. It holds that society should be more concerned with meeting the needs of the public than providing a select few with large amounts of money. In other words, democratic socialism aims to create a society with less wealth inequality and more relationships that are equal between employees and employers.

Also, democratic socialists believe that production should be commonly controlled by everyone. This means that big corporate bureaucracies should not control society. Rather, economic and social decisions should be made by those that are most affected by them. Social democracy suggests that the way to accomplish this is through regulations and tax incentives. Ideally, these would prompt companies to act in the best interest of the public and navigate away from exporting jobs to low-wage countries and away from environmental pollution.

Pros

Let's take a look at some potential benefits of this type of system:

To unlock this lesson you must be a Study.com Member.
Create your account

Register to view this lesson

Are you a student or a teacher?

Unlock Your Education

See for yourself why 30 million people use Study.com

Become a Study.com member and start learning now.
Become a Member  Back
What teachers are saying about Study.com
Try it risk-free for 30 days

Earning College Credit

Did you know… We have over 200 college courses that prepare you to earn credit by exam that is accepted by over 1,500 colleges and universities. You can test out of the first two years of college and save thousands off your degree. Anyone can earn credit-by-exam regardless of age or education level.

To learn more, visit our Earning Credit Page

Transferring credit to the school of your choice

Not sure what college you want to attend yet? Study.com has thousands of articles about every imaginable degree, area of study and career path that can help you find the school that's right for you.

Create an account to start this course today
Try it risk-free for 30 days!
Create an account
Support