ABSTRACT
Post-Second World War, the leading economies of Europe, such as Britain and France, embraced the basic tenets of socialism, moved towards reduction of economic inequality and provided social security to their citizen. 'The central problem of socialism is to re-organise the economic and political life of society as to abolish exploitation, inequality and injustice on one hand, and preserve on the other, individual freedom and efficiency'. Jayaprakash Narayan made a distinction between totalitarian communism and democratic socialism, and condemned the former and lauded the latter. The global economic crisis of 2008, which seriously impacted the US and West European countries, has shown the hollowness of the capitalist model and has put the philosophy of socialism once again at centre stage. The Nordic social democracy refers to the economic and social models of Denmark, Finland, Norway and Sweden, which involves a combination of a free market economy and a welfare state.
