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Revisionist Socialism (Social Democracy (Managers, not business owners,…
Revisionist Socialism
Social Democracy
Managers, not business owners, were now running industry, so it was better to focus on the control/regulation of capitalism rather than public ownership. Managers were a new class in society, weakening Marx's idea of two competing classes under capitalism.
The mixed economy - a mixture of public ownership of key industries and services like rail, water and electricity, and most other industries under private ownership - was economically successful and reduced inequality.
The power of the business-owning class had been reduced by the increased power of government and the rise of the trade unions.
Modern socialism was about social justice: this involved improving welfare and social equality through progressive taxation and the redistribution of wealth to rectify the inequalities produced by the market.
The Marxist theory of the misery of the working classes and the deeper economic crises had been disproved by growing economic output and living standards.
In Crosland's eyes, social democracy would 'weaken the existing deep-seated class stratification with its consistent feelings of envy and inferiority, and its barriers to uninhibited mingling between the classes'.
According to social democrats, the harsh world of capitalism had been transformed by the reforms of the post-war Labour government under Clement Attlee (1945-51) through nationalisation, the creation of the welfare state and Keynesian economics.
Modern socialism was about social equality - tackling poverty and reducing inequality. In social democracy it did not go as far as complete equality, as 'extra responsibility and exceptional talent require and deserve a differential reward', in the words of Anthony Crosland.
The Third Way
The emphasis on community, and the ties that bind everyone together, tends to downplay the importance of class division and inequality. The focus is on consensus and social harmony, not class conflict.
The Third Way rejects the emphasis on social equality, instead focusing on providing equality of opportunity by giving people access to education and welfare targeted at those who are socially excluded, so they can access the opportunities in society.
Drawing on the socialist ideals of cooperative human nature, the third way is willing to accept free-market economics but not the ideas of an atomistic society. It proposes the widest possible freedoms, but tied to responsibilities to the wider community.
It involves a general acceptance that the managed capitalism of Keynesian economics is dead. The third way accepts the free market of neo-liberalism and aims to balance this with social democracy's commitment to community and equality of opportunity.
The role of the state is not social engineering through redistribution in the way that Crosland proposed. The 'competitive' state should concentrate on social investment in the infrastructure of the economy and especially in education to make the state more competitive in the global market.
The Third Way is associated with the thinking of Anthony Giddens and the practice of the Labour Party under Tony Blair.
Economic growth is crucial to the Third Way as it provides the tax base to enable social investment in areas like education, transport infrastructure and technology infrastructure.
Education is seen as key, as it creates a skilled and knowledgeable workforce that one can compete in the modern, globalised economy, driving economic growth and allowing the individual to realise their full potential.
Revisionist socialism is a reinterpretation of socialism to take account changes in the world in order to update it. It is associated with humanising rather than abolishing capitalism.