If 'socialism' is defined as 'ownership of the means of production'--and this is both the orthodox and the only rigorous definition--then the United States is the first truly Socialist country. -- The Pension Fund Revolution (1976)
About this quote
- What does it mean?
- Drucker argues that if socialism means ownership of production means, then the US qualifies as socialist.
- In plain terms
- He defines the US as socialist by a strict definition of ownership.
- What can you take from it?
- Definitions shape how we label economies.
Where it applies
Putting it to work
Questions to consider
- Does ownership alone make a system socialist?
- What other criteria matter in defining socialism?
Another view
The definition ignores other aspects of socialism like redistribution.
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