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Democratic Socialism and the Law

Author

Listed:
  • Ewan McGaughey

Abstract

Are democracy and socialism compatible? Does democratic socialism work? And what is its relation to the law? This paper shows that democratic socialism, by whatever name, is the dominant political model in wealthy democracies, popular among voters, and the chief driver of human progress. It explains how democratic socialism was built through the understanding of capitalism’s failures, especially the shape-shifting legal forms of private property in the means of production, freedom of contract, and competitive corporations. It identifies the 3 core features of 21st century democratic socialism: more public and common ownership, economic democracy on a floor of social rights, and fair taxes. These policies have been spreading, are the prevailing practice in most wealthy countries, and are highly popular among voters. It is a myth that the rules of capitalism lead to more innovation, productivity, less waste, or are good for democracy. The evidence suggests the reverse is true. Democratic socialism is humanity's greatest hope.

Suggested Citation

  • Ewan McGaughey, 2026. "Democratic Socialism and the Law," Working Papers wp550, Centre for Business Research, University of Cambridge.
    • Handle: RePEc:cbr:cbrwps:wp550
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    JEL classification:

    • K31 - Law and Economics - - Other Substantive Areas of Law - - - Labor Law
    • K10 - Law and Economics - - Basic Areas of Law - - - General (Constitutional Law)
    • K11 - Law and Economics - - Basic Areas of Law - - - Property Law
    • K20 - Law and Economics - - Regulation and Business Law - - - General
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law

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