Lemon socialism

Lemon socialism

Lemon socialism is a term for the practice in supposedly free market capitalist economies in which the government steps in to bailout or otherwise subsidize weak or failing firms. [cite web
url=http://www.washingtonpost.com/wp-dyn/content/article/2008/09/19/AR2008091903183.html
title=Bailout on Wheels
first=George F.
last=Will
publisher=The Washington Post
date=2008-09-29] [cite book
title=Newspeak: A Dictionary of Jargon
first=Jonathon
last=Green
pages=p. 142
publisher=Routledge
year=1984
isbn=0710096852] [cite web
url=http://www.beyondchron.org/articles/The_Return_of_Lemon_Socialism_6098.html
title=The Return of “Lemon” Socialism
first=Randy
last=Shaw
publisher=Beyond Chron
date=2008-09-18]

A government attempting to transition from capitalism to socialism by this method takes control of the worst industries — the "lemons" — first, which undermines such an approach. [cite book
title=Economic Justice and Democracy
first=Robin
last=Hahnel
pages=p. 116
publisher=Routledge
year=2005
isbn=0415933447] Socialists socialize the losses while capitalists keep the profits. [cite book
title=Skeptic
author=Forum for Contemporary History
publisher=Skeptic Magazine
year=1976
volume=1976-1977 no.11-22
pages=p. 54] Similarly, in post-Communist societies, nationalized industries which had the least capital with which to modernize are the last targets for privatization. [cite book
title=Ethnic Nationalism: The Tragic Death of Yugoslavia
first=Bogdan Denis
last=Denitch
chapter=3 Troubled Transitions: Post Communist Societies in Crisis
pages=p. 91
publisher=University of Minnesota Press
year=1996
isbn=0816629471] The Emergency Economic Stabilization Act of 2008 has been cited as an example of lemon socialism. [cite web
url=http://www.slate.com/id/2201245/
title=GOP, RIP? Nearly three decades of Republican dominance may be coming to an end
first=Timothy
last=Noah
authorlink=Timothy Noah
publisher=Slate
date=2008-09-30] [cite web
url=http://english.pravda.ru/world/asia/24-09-2008/106441-bush_crisis_plan-0
title=The Bush Crisis Plan: Greatest transfer of wealth in world history
publisher=Pravda
date=2008-09-24]

ee also

*The Market for Lemons
*Gresham's law
*Socialism for the rich and capitalism for the poor

References


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  • lemon socialism — /lɛmən ˈsoʊʃəlɪzəm/ (say lemuhn sohshuhlizuhm) noun (pejorative) the provision of government financial assistance to a private company of a size or type which makes it significant to the country s economy, in order to prevent the collapse of the… …  

  • lemon socialism — noun The practice in otherwise free market capitalist economies in which the government steps in to bailout or otherwise subsidize weak or failing firms. A government attempting to transition from capitalism to socialism by this method takes… …   Wiktionary

  • Socialism for the rich and capitalism for the poor — is a classical political economic argument, formulated around 1970, [John Wykert1, Gerald M. Pomper2, 3 and David M. Gordon [http://www.springerlink.com/content/42306v75113724lh/ Society Volume 9, Number 3 / January, 1972] ] stating that in the… …   Wikipedia

  • Lemon (automobile) — A lemon is a car, often new, that is found to be defective only after it has been bought. Any vehicle with numerous, severe issues can be termed a lemon , and, by extension, any product with flaws too great or severe to serve its purpose can be… …   Wikipedia

  • Zitronensozialismus — oder Lemon socialism ist ein insbesondere in den USA verwendeter Negativausdruck für staatliche Unterstützung und Rettungsaktionen gegenüber privatwirtschaftlichen Firmen, die unmittelbar vor dem Bankrott stehen.[1][2][3] Es handelt sich nicht um …   Deutsch Wikipedia

  • Gresham's law — is an economic principle that states: When a government compulsorily overvalues one type of money and undervalues another, the undervalued money will leave the country or disappear from circulation into hoards, while the overvalued money will… …   Wikipedia

  • Emergency Economic Stabilization Act of 2008 — This article is about one division of an enacted statute. For the entire statute, see Public Law 110 343. For the enacted rescue program, see Troubled Asset Relief Program. The Emergency Economic Stabilization Act of 2008 (Division A of Pub.L.… …   Wikipedia

  • CC–PP game — The Commonize Costs–Privatize Profits Game (or CC–PP Game) is a concept developed by the ecologist Garrett Hardin to describe a game (in the game theory sense) widely played in matters of resource allocation.[1] The concept is a formalism of the… …   Wikipedia

  • American International Group — AIG redirects here. For other uses, see AIG (disambiguation). American International Group, Inc. Type Public Traded as NYSE:  …   Wikipedia

  • Bailout — For other uses of the term, see Bailout (disambiguation). In economics, a bailout is an act of loaning or giving capital to an entity (a company, a country, or an individual) that is in danger of failing, in an attempt to save it from bankruptcy …   Wikipedia

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