After being proclaimed dead, there is now a major revival of socialism ideology in the West. But what does socialism mean? This book shows that it is irretrievably associated with common ownership. The twentieth-century experience of comprehensive national planning with state ownership has been disastrous, and in no case has democracy endured within large-scale socialism. This volume explains why. The alternative socialist option of worker-owned cooperatives must accept a major role for markets that many socialists reject. Further experiments in that direction must be subordinate to higher principles of liberal solidarity, involving a mixed market economy with a welfare state.

The lessons of the Corbyn years for the future of left politics Is Socialism Possible in Britain? analyses Jeremy Corbyn’s tenure as Labour leader and the prospects for parliamentary socialism in a post-Corbyn Britain. Lively and insightful, it is informed by an insider’s view of the most radical period in Labour’s history. A veteran of the Stop the War Coalition, Andrew Murray was seconded to Corbyn’s office from the Unite trade union and witnessed an extraordinary daily bombardment from sections of the Parliamentary Labour Party and the media. He candidly assesses the leadership’s response to the antisemitism controversy and the dilemmas of Brexit, as well as Keir Starmer’s restoration of a turgid neo-Blairism. The problems that beset Corbyn are likely to confront any similar political project. Is Socialism Possible in Britain? explores how they can be more effectively addressed in the future – a future which we must hope is not so far away.

This book explores the idea of socialism from three angles and raises the questions if socialism is possible, inevitable, and desirable. Socialism as an economic and societal system was possible based on the two most important pillars of Marxian political economy: State ownership in the means of production and mandatory central planning (command economy). Nevertheless, these two characteristics are compatible only with dictatorship. On this basis, socialism is neither inevitable nor desirable, because it excludes competition, freedom, democracy, and the rule of law. The three questions are analyzed through the academic work of five towering figures: Joseph A. Schumpeter, Karl Polanyi, Friedrich A. Hayek, Karl Popper, and Hannah Arendt. The theoretical findings and inferences resulting from this analysis are compared with the reality of socialism as it existed rather than an imaginary uncontroversial blueprint of socialism. The book discusses the evolution of Soviet communism and its attempts with market reforms to solve its inherent contradictions. It concludes that totalitarian regimes tend to fail in reforms because market freedom is inconsistent with totalitarian control. The author makes a strong case against dictatorship, also in the context of the spreading of nationalist populism around the globe. This book is a must-read for everybody interested in a better understanding of the ideas of socialism, totalitarianism, and populism.