What would Democratic Socialism mean for the economy?
Democratic Socialism, a subset of the democrat party, has been thrust into the spotlight recently with the shocking victory of Alexandria Ocasio-Cortez over a 10-term incumbent. Ocasio-Cortez often referred to in the media as AOC, is a self identified Democratic Socialist, as was 2016 presidential hopeful Bernie Sanders. Despite this newfound prominence, the political affiliation is still widely misunderstood, often confused with communism or European style socialism. So what exactly is Democratic Socialism? And how would a Democratic Socialist platform affect your life?
According to the biggest socialist organization in the US, the Democratic Socialists of America (DSA), "Democratic socialists believe that both the economy and society should be run democratically—to meet public needs, not to make profits for a few. To achieve a more just society, many structures of our government and economy must be radically transformed through greater economic and social democracy so that ordinary Americans can participate in the many decisions that affect our lives." This polished and condensed definition sounds good, but it's difficult to grasp what it actually means in practice. To help you understand, we've broken down the four pillars of Democratic Socialism to explore how their implementation in the American government could affect your life.
Workers Control Means of Production/The Importance of Unions
Perhaps most central to Democratic Socialism is the belief that American industry should be controlled by the workers who run it and the consumers who gain from it. Generally, they believe in a decentralized economy, though they think some indispensable portions of industry, like energy and steel, should be government controlled. As the DSA puts it, "We believe that social and economic decisions should be made by those whom they most affect."
In practice, this decentralization would likely mean the fruition of things like workers cooperatives and publicly owned ventures. Essentially, this economic model would mean that it would be much more difficult for a few people to get obscenely wealthy while those on the bottom of the economic ladder remain impoverished. Instead, everyone would have fairly equal opportunity to profit off the success of a business, creating a more widespread sense of ownership over the success of the economy, therefore stabilizing it. Unions are an important part of this pillar, as Democratic Socialists believe unions are essential in order to hold companies accountable to their workers and to empower workers to challenge capitalism as a concept.
Capitalism Promotes Greed and Must be Regulated
Democratic Socialists believe that capitalism has the inherent tendency to keep the rich rich and the poor poor and that capitalist corporations will always act in the interest of maximum profit at the expense of all else. Therefore, private corporations must be regulated by the government in order to ensure that they look out for the wellbeing of workers and lower rung employees. With this kind of philosophy implemented, there would likely be a strengthening of labor laws, a higher minimum wage, expanded parental leave, the prevention of foreign outsourcing to low wage countries, and the prevention of environmentally harmful activities.
A Minimum Quality of Life for All Citizens
This is perhaps the simplest pillar of Democratic Socialism though likely would prove to be the most difficult to fulfill. Essentially, Democratic Socialists believe that all human beings have the right to sustenance, housing, clean water, healthcare, education, and child care, and that the government should ensure these things are accessible to all US citizens. This would likely mean significantly more spending on social welfare programs and expansion of government housing, which would inevitably require higher taxes. Of course, with the implementation of the other pillars of Democratic Socialism, more people would have a better chance of reaching this minimum quality of life even without an expansion of welfare programs.
Importantly, healthcare is an essential part of this equation in the eyes of Democratic Socialists. They don't merely believe in "medicare for all" health care system, but also that medical facilities should be publicly run and doctors publicly employed.
Grass Roots Means of Achieving Power
As mentioned before, the welfare of the community is important to Democratic Socialists, meaning that the election of the individual is also seen as having the tendency to play into the patterns of the centralization of power. A traditional Democratic Socialist would likely reject the concept of election altogether, instead opting for grass roots organization and mass mobilization. But as shown by AOC and all the other Democratic Socialist candidates elected this year, most who ascribe to these beliefs recognize that it's necessary to participate in the democracy in order to insight change, but still maintain that true change and empowerment comes from the mass mobilization of the people.