Socialization of economy as a new paradigm in economic theory

The article outlines the necessity of redefining the economic theory’s paradigm under the circumstances of current global socio-economic crisis. Consumer Society Theory based on the approaches of neoclassic mainstream has proven its deficiency. That prompts the development of new paradigm in economic theory. The interests of different social layers in the society should be consolidated according to social vector. Socialization of economy could alleviate the problem of economic inequality, enhance social and economic welfare. It could help to manage socio-labor relationship in a more efficient way, lessen social risks and frequency of conflicts; reduce income gaps. It would also increase motivation of labor force and competitiveness of the economy in general. Socialization of economy would help to make well-being of people and their personal development as a main target of production activity.