SOCIALISMO

Is there a place for socialism?
Posted by Daniel Altman in Growing pains

Yes, we all knew Communism was already dead in China. But now the government is taking its first official step to protect private property. Last month, Hugo Chavez - it’s that man again - promised that no matter how far his brand of socialism went, private property would be safe. So is there any hope for true socialism in the world, if even the supposedly avowed socialists don’t want it?

It’s a question of great importance for the poorest nations as well as the up-and-comers. In some circles of development economics, land reform is seen as the first step towards prosperity. Without private ownership of this most basic asset - often owned communally or not at all in the most destitute countries, especially in sub-Saharan Africa - it may be difficult to create incentives to produce, to build businesses and to create credit markets.

So, what is socialism good for? It may be a banner under which to reduce inequality and, more pertinently these days than before, to mitigate the unsavory side effects of globalization. To that extent, Venezuela may have more in common with France than it does with China. The Europeans don’t look like they’ll outgrow their brand of socialism anytime soon, despite pressure from Washington to reshape their economies. But what brand will the rest of the world grow into?