1920 Depression. Self-correcting, or Fed induced and cured?

[Ansury]

@Leviathan

Yes. Socialism is the public ownership and management of the means of production, which means that the various social welfare programs and other such institutions attacked as “socialist” are not.

You’re making a purely semantical argument here by defining socialism so strictly that anything less than blatant, “pure” socialism falls outside the definition, ignoring the fact that it’s possible for the state to partially or indirectly control the means of production.

See this thread:

Genuine Socialism and Socialized Services, a semantics argument (LONG POST)

What’s in a name? That which we call a rose… There has been some discussion on the forum for the appropriate term to assign a compulsory based service. Should we call government services socialist or not? There are those, including portions of major Austrian Literature, which have summarized smaller compulsory based monopolies which exist in an economy as being socialist. Others contend however that it is an equivocation to call such organizations socialist, that socialism is only realized when…

@filc

Because of this it is a fallacy to consider private firms that the government outsources as being a part of the market in general. These are simply extensions of the government, the differences at this point in calling them private or public is pure semantics.