Socialist Globalization

When I was young growing up in New York in the 1950s socialism was still considered a respectable political philosophy. Communism was more or less banned and socialists were accused of an affinity with Communism but the socialist concept still had many advocates. There were socialist governments in Western Europe and many industries there had been nationalized in the wake of the Second World War. Socialism in the United States was no longer a mass movement but the idea that government should play some kind of role in economic life was not seen as strange or unusual. Socialists differed on just how extensive this role should be but all agreed that “natural monopolies” like the railroad, phone service and electricity should be nationalized.
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