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VGPolyglot said: 

In essence, it is an economic system that would replace capitalism and its privately owned business with a system that is socially owned by the workers themselves, where private property is abolished. 

 

Great post. I would just like to emphasize what "private property" is to a socialist. I think Pierre-Joseph Proudhon's description is the best. 

There are three rights entangled when one talks about "private property": usus, fructus, and abusus. 

Usus is the right to use a thing. 

Fructus is the right to profit from a thing. 

Abusus is the right to discard, destroy, exchange, or do anything else to a thing that isn't use or profit. 

It is this third right, the right to abusus which all socialists wish to eliminate, and only necessarily for natural resources. Anything that you've produced, were gifted, or received in exchange is fundamentally yours unless there was some agreement that it be shared. Natural resources were produced by nobody though, and are therefore nobody's to monopolize. 

There are many other ways to look at property, but basically it is best to think of property as a combination of state-granted (or socially recognized) rights, and while some will be preserved in a socialist society, others will be abolished. 

I personally like the justification for a socially-limited  form of property that the mutualist Shawn Wilbur describes in 

The Gift Economy of Property: From the Self to Property

I'd also like to add that while communists/collectivists are anti-market, there is such a thing as market-tolerant/pro-market socialists of which mutualists are a variety. 

Last edited by sc94597 - on 29 January 2018