New Socialism

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New Socialism is the economic theory created and advocated by Adriano Claro, Ernesto Che Guevera, and Salvador Allende in early 1977. Its ideas were expressed in its founding document, "The Theory and Practice of New Socialism." It was created with the idea of being an alternative, more economically competitive development plan than either Houism or orthodox Marxism. It is currently spreading in Latin America, with widespread popularity among working classes.

Economic Program
The embodiment of the New Socialist economic idea is workers' self management. In a New Socialist economy, all production facilities, be they farms, factories, workshops, or offices, would be managed by the workers who operate them, in a democratic fashion. These worker-owned "collectives" would compete against each other in a market economy. The economic system would eliminate the need for a "bourgeoisie" class of those who effectively exploit the workers, as Marx talked about, while ensuring motivation for hard work in form of collective profit. With no money going to an owner, all the employees of a collective enterprise could be paid substantially more.

A New Socialist government would ensure the benefits provided by any progressive nation based on its capability to provide them. A rich nation may be able to afford universal health care, a less rich nation like those in South America would only likely be able to afford some aid for those who are unemployed.

Differences from other types of Communism
Unlike other forms of communism, New Socialism would not ensure mandatory employment, as collectives that were forced to employ too many workers would become unprofitable, and thus collapse. New Socialism would also not ensure equal wages for all, and collective enterprises would reward employees for the work that they do, much like normal corporations. Finally, New Socialism allows the continued existence of a market, which does not necessarily shield the workers from recession. It would, however, abolish the stock market as a way for those who already have money to get richer. Its proponents believe that with the removal of large bankers, investors and corporation owners, the economy would develop with less interference and more naturally, making recessions less unlikely.