Contemporary Rise of Global Socialist Sentiment

Socialism, as a term, is solely contextual. As an ideology, it has different variants that are associated with the role of the state working alongside and against the market. It also involves the ideological skepticism of the capacity of the market, and it ability to deliver both growth and social equity to the state which it is implemented in. As a political doctrine, it criticizes the existence of social, economic and political inequality in society. While seeking to lessen class inequality throughout the world, socialists call for a redistribution of power from the affluent owners to the men and women of the working class. Today, both socialism and liberalism are rooted in the enlightenment values of equality, freedom, and most importantly rationality. In its purest theoretical form, socialism is required to provide the people of a society to be equally rich, which in practice is a commonly known beautiful fallacy. State intervention has been a spectacle that isn’t only implemented more throughout the world but has been outright consensual. This contemporary phenomenon is awakening in developing states and is bound to induce economic repercussions on the first world western economy. The private industries of powerful capitalist nations will have to adapt to the replacement of the free market by an administrative economy. Consequential of the post-Soviet top-down communist system of the 20th century, social democracy became the mainstream form of socialism outside notable communist countries. This system is seen prominently throughout northern Europe and Former Soviet States. Today it focuses on the attempt to share the wealth and equalize opportunity without requiring economic equality.