Relevancy of modern democratic socialism to business environment
Keywords:Democratic Socialism, Democratic Capitalism, Democracy, Capitalism, Business Environment
In the past few decades, the supports towards the idea of Democratic Socialism especially among youth has skyrocketed. The exiting of Democratic Capitalist system which was adopted globally failed to narrow the class gap and is being viewed as constant economic and social exploitation by private companies. While past iteration of Socialism & Communism has been regarded as a major failure, it is still yet to be proven whether the ideas of Democratic Socialism will produce the same outcome. The main purpose of this paper is to offer a comprehensive study of Democratic Socialism which comprises its definitions, history, variations, and explanation on how democratic socialism is conducive to business environment. Methodology – This paper adopted qualitative research design paired with secondary sources data extraction for data collection process. Findings and Significance - This study is fundamental to the development of Democratic Socialism as a theory since it can be described not only as one of the vaguest theories but also as one with the biggest potential to business community. This paper provides at least a clear definition of what Democratic Socialism truly is and what its characteristics are. This paper also contributes to the body of knowledge on how few countries or governments managed to successfully assimilate the idea of Democracy and Socialism to form Democratic Socialism and put forward the relevance of democratic socialism to be practised in today’s world.
Astor, M. (12 June 2019). What Is Democratic Socialism? Whose Version Are We Talking About? The New York Times. Accessed 20 June 2019 from https://www.nytimes.com/2019/06/12/us/politics/democratic-Socialism-facts-history.html
Bilgrami, S., & Bilgrami, S. (1965). PROBLEMS OF DEMOCRATIC SOCIALISM. The Indian Journal of Political Science, 26(4), 26-31. Retrieved from http://www.jstor.org/stable/41854084
Ben B., D'aprile, M., & Allende, S. (September 11, 2018). Allende and Democratic Socialism. The Socialist Call. Retrieved 1 July 2019 from https://socialistcall.com/2018/09/11/allende-and-democratic-Socialism/
Cooper, R. (10 July 2018). If Democratic Socialism is so bad, why is Norway so great? The Week. Retrieved 21 April 2019 from https://theweek.com/articles/783700/democratic-Socialism-bad-why-norway-great
Dattaray, B. (1965). Democratic Socialism. The Indian Journal of Political Science, 26(4), 21- 25. Retrieved from http://www.jstor.org/stable/41854083
Democratic Socialists of America. (2019). Democratic Socialist of America. Accessed 20 June 2019 from https://www.dsausa.org/about-us/what-is-democratic-Socialism/
Evan, L. (2016). Democratic Socialism. Business. Retrieved 23 March 2019 from http://nimbus.lagrange.edu/resources/pdf/citations/2016/10_Evans_Business.pdf
Fleet, M. (1973). Chile's Democratic Road to Socialism. The Western Political Quarterly, 26(4), 766-786. Retrieved 26 June 2019 from https://www.jstor.org/stable/447149?read now=1&seq=1#page_scan_tab_content
History Crunch. (2015). Democratic Socialism. History Crunch. Retrieved 2 July 2019 from https://www.historycrunch.com/democratic-Socialism.html#/
Iversen, T. (1998). The Choices for Scandinavian Social Democracy in Comparative Perspective. Oxford Review of Economic Policy. Vol. 14, No. 1. Retrieved 2 June 2019 from https://sites.fas.harvard.edu/~iversen/PDFfiles/OXREP1.pdf
Jahan, S., Mahmud, A., & Papageorgiou, C. (September 2014). What Is Keynesian ? Finance and Development. International Monetary Funds (IMF). Retrieved 30 June 2019 from https://www.imf.org/external/pubs/ft/fandd/2014/09/pdf/basics.pdf
King, C. (1946). What is Democratic Socialism? Co-operative Commonwealth Federation. Retrieved 26 June 2019 from https://qspace.library.queensu.ca/bitstream/handle/1974/11774/whatisdemocratic00king.pdf?sequence=1
Makovi, M. (27 February 2015). The Impossibility of Democratic Socialism. Munich Personal RePEc Archive. Retrieved 26 June 2019 from https://mpra.ub.uni-muenchen.de/70160/1/MPRA_paper_70160.pdf
Parthasarathy, B. (1994). Marxist Theories of Development, the New International Division of Labour, and the Third World. Berkeley Planning Journal. Volume 9 (1). Retrieved 3 June 2019 from https://www.academia.edu/6061800/Marxist_theories_of_development_the_new_international_division_of_labor_and_the_Third_World
Rehn, G. (1985), ‘Swedish Active Labour Market Policy: Retrospect and Prospect’, Industrial Relations, 24, 62(8).
Streeck, W. (2011). The Crises of Democratic Capitalism. New Left Review (71). Pp.5-29. New Left Review Ltd.
Scaliger, C. (2015). What’s Behind Bernie’s Socialism? New American. Accessed 22 June 2019 from https://www.thenewamerican.com/usnews/politics/item/22027-what-s-behind-bernie-s-Socialism
Waxman, B., O. (24 October 2018). Socialism Was Once America's Political Taboo. Now, Democratic Socialism Is a Viable Platform. Here's What to Know. Time. Retrieved 29 June 2019 from https://time.com/5422714/what-is-democratic-Socialism/
World Population Review. (2019). Democratic Socialist Countries 2019. World Population Review. Retrieved 3 July 2019 from http://worldpopulationreview.com/countries/democratic-socialist-countries/
This work is licensed under a Creative Commons Attribution 4.0 International License.
Global Business Management Review (GBMR) has taken all reasonable measures to ensure that material contained in this website is the original work of the author(s). However, the Journal gives no warranty and accepts no responsibility for the accuracy or the completeness of the material; no reliance should be made by any user on the material. The user should check with the authors for confirmation.
Articles published in the Global Business Management Review (GBMR) do not represent the views held by the editors and members of the editorial board. Authors are responsible for all aspects of their articles except the editorial screen design.
Submission of an article is done with the understanding that the article has not been published before (except in the form of an abstract or as part of a published lecture, or thesis) that it is not under consideration for publication somewhere else; that if and when the article is accepted for publication, the author's consent to automatic transfer of the copyright to the publisher.