 Recently, I released a video called Eight Types of Socialism, explained in 75 minutes. And in this video, I'll attempt to do the same in only 10 minutes. Think I can do it? Or will I fail miserably? Let's find out. The clock is starting now. You'll notice that in the title for this video, I put the word socialism in quotation marks. Why is that? Well, this video discusses various economic systems inspired by various political philosophies. Social democracy, democratic socialism, libertarian socialism, market socialism, libertarian market socialism, state-planned socialism, and both the orthodox and unorthodox Marxist-Leninist concepts of socialism. Though each of these is believed to be a type of socialism, whether or not they actually are socialist is debated. Not everyone agrees that all of these meet the definition of socialism, so I figured quotation marks are in order. Thinking of which, what is the definition of socialism? Socialism is a society with social ownership and social control of the means of production and social control of the economy for the common good of all. If you're wondering what my sources are for this definition, you can see them on the screen. And if you're wondering what the means of production are, they are everything that people use to make goods and services, factories, farms, natural resources, power plants, and so on. All the stuff we use to make stuff. In socialism, all of this is socially owned and socially controlled, and the economy in general is socially controlled. But what exactly does this mean? The word social refers to people in the plural and collective sense of the word, but how exactly should that be interpreted is a debated question. And how that question is answered is important because it tells us who or what really owns and controls the economy. And it turns out that socialists have radically different interpretations of this, and thus radically different interpretations of socialism. And that is what we'll explore in this video. Okay, so first things first. How do different types of socialists interpret social ownership of the means of production? Some socialists say it means ownership by the state. This is the case for state-planned socialism and the orthodox Marxist-Leninist concept of socialism. Other socialists say some of the means of production should be state-owned, but that it's okay for the rest to be owned by capitalists. This is the case in social democracy and the unorthodox Marxist-Leninist concept of socialism. Other socialists say the means of production should be divided into worker-owned cooperative businesses. Each business is owned by the people who work there, so that every worker is an owner and every owner is a worker. This is the case in market socialism and libertarian market socialism. And finally, some socialists say the means of production should have no private ownership, no state ownership, and no worker-owned businesses. Instead, all of the means of production belong to everyone. This is the case for libertarian socialism. Okay, so that's ownership of the means of production. And how do socialists interpret social control of the means of production? This question can be broken into two parts. First, who controls or manages the enterprises, the factories, farms, offices, schools, hospitals, and other institutions that make goods or provide services? Second, who or what controls the economy in general? Let's start with the first question, who controls each enterprise? Some socialists say enterprises should be controlled by the state, or to be more specific by managers who have been chosen by the state. This is the case in state-planned socialism and the orthodox Marxist-Leninist concept of socialism. And then there are socialists who say that the state should control enterprises in the public sector, but capitalists can control enterprises in the private sector. This is the case in social democracy and the unorthodox Marxist-Leninist concept of socialism. Other socialists say enterprises should be controlled either by workers or by managers who are democratically elected by workers. This is the case for market socialism. Then there are socialists who say workers should control enterprises, which they can do by using direct democracy and sharing or rotating management duties. This is the case for libertarian socialism and also libertarian market socialism. OK, so that covers who controls the enterprises. What about control of the economy more generally? Some socialists say the economy should be controlled by the state, by state departments for economic planning. This is the case in state-planned socialism and the orthodox Marxist-Leninist concept of socialism. Other socialists are in favor of a market economy, which means an economy that's largely controlled by market pressures and the profit motive, but they think this should be combined with state control. This is the case in social democracy, the unorthodox Marxist-Leninist concept of socialism, and also market socialism. Some socialists are also in favor of a market economy, and thus with economic control by market pressures and the profit motive, but they reject any sort of state control. This is the case for libertarian market socialism. And finally, some socialists reject markets, reject the profit motive, and reject the state. Instead, they want the economy to be controlled by everyone. This is the case for libertarian socialists. Each industry can be managed by people who work in that industry, and people in general can decide things such as what public goods and services they want in their community. This self-management of the economy can be achieved through directly democratic assemblies in neighborhoods and councils for each industry, municipality, and region, with delegates who are mandated, rotated, and recallable. Okay, so now let's review each economic system one at a time. In state-planned socialism, the means of production are owned by the state, the enterprises that make up the means of production are controlled by the state, and the economy in general is controlled by the state. In the orthodox Marxist-Leninist concept of socialism, it's the same thing. The state owns and controls the means of production and the economy. What makes the Marxist-Leninist concept of socialism unique is that Marxist-Leninists define socialism as a society where a Marxist-Leninist party, or some other vanguard party, controls the state through a one-party dictatorship, and society is supposed to be in transition from capitalism to communism. Next up, social democracy. Most of the means of production are owned and controlled by the capitalist class, and some are owned and controlled by the state. It's a mixed market economy, controlled by markets and the profit motive, and somewhat by the state. In the unorthodox Marxist-Leninist concept of socialism, it's the same thing. Mixed ownership by capitalists and the state, and mixed control by capitalists, by market pressures and the profit motive, and by the state. Despite these similarities, the Marxist-Leninist concept of socialism is different from social democracy because a Marxist-Leninist one-party dictatorship is, or claims to be, leading a transition from capitalism to communism. While we're at it, it's worth noting that social democracy and the unorthodox Marxist-Leninist concept of socialism have the same economic features as capitalism in its standard generic form. In the standard form of capitalism, the means of production are owned and controlled mainly by the capitalist class, and some are owned and controlled by the state. The economy is controlled by market pressures and the profit motive, with some state control. Social democracy's economic system is widely considered to be capitalist, but it has a welfare state and bigger public sector. Next we have market socialism. In market socialism, the means of production are divided into workers cooperatives, with each business owned by the people who work there. These worker-owned businesses are sometimes managed by workers, and sometimes by managers who've been elected by the workers. And on a grand scale, the economy is controlled by market pressures and the profit motive, and to a lesser degree by the state. Next on the list is libertarian market socialism. The means of production are divided into workers cooperatives, with each business owned by the people who work there. Workers manage these worker-owned businesses by direct democracy and by sharing or rotating management duties. On a grand scale, the economy is controlled by market pressures and the profit motive. Moving right along, libertarian socialism. On libertarian socialism, the means of production belong to everyone, with no state ownership and no private ownership. Each enterprise is controlled by the people who work there, and the economy as a whole is controlled by everyone, through directly democratic assemblies and councils of delegates for each industry, municipality, and region. And what about democratic socialism? I haven't mentioned it until now, because democratic socialism is not a clearly defined term, so the people who call themselves democratic socialists are all over the map. What democratic socialists have in common is they all want a democratic version of socialism, but they have different ideas of what this means. Some say that democratic socialism is the same as social democracy. Others say democratic socialism is market socialism. And finally, there are those who say democratic socialism should be more or less as follows. The means of production would be owned by the state, but the state would play only a minimal role in controlling the economy. Instead, enterprises would be controlled by workers, or managers elected by workers. And the economy would be controlled by organizations of workers and communities. Democratic socialists are usually okay with representative democracy, so these organizations may only be democratic through this form of indirect control. Okay, so there you go. That was a brief explanation of eight economic systems. If you'd like, you can check out my other video, Eight Types of Socialism in 75 Minutes, where I discuss each system in more detail than I do here. And I also look at the debate on whether or not these systems are actually socialist. The link to this video will appear on the screen very soon. Also, would you like to learn details of how a socialist economic system could work with no markets and no state planning? What about learning how a communist system could work, which means a system with no money and no state? If so, check out my video. A link to it will also appear on the screen very soon. If you liked this video, please consider supporting me to make more videos by donating some money at patreon.com slash one lucky black cat. Thanks for watching, have a great day, and remember to love yourself and each other.