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Liberal socialism
Liberal Socialism

Liberal socialism, as it say in its is a fusion of both liberal and socialist values. A socialist political philosophy that includes liberal principles within it. Liberal socialism does not have the goal of abolishing capitalism with a socialist economy; instead, it supports a mixed economy that includes both public and private property in capital goods.

Although liberal socialism unequivocally favours a mixed market economy, it identifies legalistic and artificial monopolies to be the fault of capitalism and opposes an entirely unregulated economy. It considers both liberty and equality to be compatible and mutually dependent on each other.

Principles that can be described as "liberal socialist" have been based upon or developed by the following philosophers: John Stuart Mill, Eduard Bernstein, John Dewey, Carlo Rosselli, Norberto Bobbio and Chantal Mouffe. Other important liberal socialist figures include Guido Calogero, Piero Gobetti, Leonard Trelawny Hobhouse, John Maynard Keynes and R. H. Tawney.

Liberal socialism has exercised influence in British politics, especially in the variant known as ethical socialism. A key component of ethical socialism is in its emphasis on moral and ethical critiques of capitalism and building a case for socialism on moral or spiritual grounds as opposed to rationalist and materialist grounds. Ethical socialists advocated a mixed economy that involves an acceptance of a role of both public enterprise as well as socially-responsible private enterprise. Ethical socialism was founded by R. H. Tawney, a British Christian socialist, and its ideals were connected to Christian socialist, Fabian, and guild socialist ideals.

It emphasises the need for a morally-conscious economy based upon the principles of service, cooperation, and social justice while opposing possessive individualism. Ethical socialism is distinct in its focus on criticism of the ethics of capitalism, and not merely criticism of material issues of capitalism. Its founder, Tawney, denounced the self-seeking amoral and immoral behaviour that he claimed is supported by capitalism. Tawney opposed what he called the "acquisitive society" that causes private property to be used to transfer surplus profit to "functionless owners" — capitalist rentiers.

However, unlike some of socialist persuasion, Tawney did not denounce managers as a whole, believing that management and employees could join together in a political alliance for reform. He supported the pooling of surplus profit through means of progressive taxation to redistribute these funds to provide social welfare, including public health care, public education, and public housing. He advocated nationalization of strategic industries and services. Tawney advocated worker participation in the business of management in the economy as well as consumer, employee, employer, and state cooperation in the economy.

Though Tawney supported a substantial role for public enterprise in the economy, he stated that where private enterprise provided a service that was commensurate with its rewards that was functioning private property, then a business could be usefully and legitimately be left in private hands.

It is said, one of the greatest Prime Ministers of the 20th century, Clement Attlee was greatly influenced by Liberal Socialism.

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