"Economic systems are like ecosystems. In America, capitalism may be the dominant species. But other species exist there, too."

In contrast to capitalism, where the owners of capital have the most power, and statism, where state officials have the most power, socialism is an economic system where “the investment process and production are controlled through institutions that enable ordinary people to collectively decide what to do.” From Wright’s perspective, socialism is synonymous with economic democracy. While Wright does not offer a blueprint for what socialism should look like—and realistically cannot, since socialism in practice must result from democratic deliberation and experimentation—he does suggest building blocks: unconditional basic income, public credit institutions, codetermination laws, participatory budgeting, and so on.