🌐 Global Economy Aug 3, 2026 · Menzie Chinn

Who’s a Socialist (or Economic Fascist)?

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Who’s a Socialist (or Economic Fascist)?
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I hear the term “socialist” bandied about a lot. As somebody who took a whole semester on the topic (titled, simply “Socialism”, by the late Adam Ulam), I would like to forward a very simple economic definition:


Socialism is an economic system in which the means of production and distribution are owned or controlled collectively

So, who’s a socialist? Consider this tabulation by the Cato Institute of Federal government ownership, and how it’s boomed under&#

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