Socialism of the 21st century

Socialism of the 21st century (Spanish: socialismo del siglo XXI) is an interpretation of socialist principles first advocated by German sociologist and political analyst Heinz Dieterich and taken up by a number of Latin American leaders.

Leaders who have advocated for this form of socialism include Hugo Chávez of Venezuela, Néstor Kirchner of Argentina, Rafael Correa of Ecuador, Evo Morales of Bolivia and Luiz Inácio Lula da Silva of Brazil.

According to Dieterich, this form of socialism is revolutionary in that the existing society is altered to be qualitatively different, but the process itself should be gradual and non-violent, instead utilising participatory democracy to secure power, education, scientific knowledge about society and international cooperation. Dieterich suggests the construction of four basic institutions within the new reality of post-capitalist civilisation:

1. Equivalence economy based on Marxian labor theory of value and democratically determined by those who directly create value instead of market-economical principles.
2. Majority democracy which makes use of referendums to decide upon important societal questions.
3. Basic state democracy with a suitable protection of minority rights.
4. Citizens who are responsible, rational and self-determined.