ABSTRACT
This chapter presents an interpretation of the historic meaning of the concept socialism. The concept of socialism represents very complex efforts to come to grips with certain fundamental social, economic, and political problems. The interpretation presented may contribute to a deeper comprehension of not only socialism but also the Chicago School of economics, which is the subject of this symposium. The primary or traditional definition of socialism has been, of course, public ownership of the means of production or of the principal means of production. The concept of socialism also has been defined in terms of government economic planning. Collective private action and accompanying legal change and support for trade unions were unacceptable; collective private action and accompanying legal change and support for corporations were acceptable. Socialism has advocated the use of concentrated government power in order to widen the distribution of economic power and performance.
