Socialism

Mixed economic system

A system combining government involvement and economic freedom.

Robert Owen

Factory owner during the Industrial Revolution who advocated for fair wages, maximum hours, safe working conditions, and outlawing child labor.

New Lanark

Town where Robert Owen successfully implemented his ideals with profitable factories and controlled living conditions.

Socialism

An economic system focused on the nationalization of key industries, social programs, and the redistribution of wealth.

Goal of Socialism

To redistribute wealth and close economic inequality, ensuring access to basic services regardless of income.

Canada as a welfare state

A country with socialist elements, such as social programs and wealth redistribution, alongside classical liberal principles like private property.

Consumption Tax (GST)

A 5% tax on goods and services used to fund general revenues and social programs.

Property Tax

Tax paid annually to the city based on the percentage value of a person’s house to fund local services.

Income Tax

A tax based on a person’s total income, typically progressive where wealthier individuals pay a higher percentage.

Flat Tax

A tax system where everyone pays the same percentage, criticized for increasing the burden on low-income earners.

Sweden's welfare state

A clearer example of a socialist welfare state with extensive social programs and strong government involvement in the economy.

Tax evasion

The illegal act of not paying taxes owed, often done by high-income earners to avoid high tax rates.