Comment by moregrist
Socialism is when the state (ie: the government) _owns_ industries.
A social contract is an implicit agreement that everyone more or less accepts without anything being necessarily legally binding.
For example, the courtesy of two weeks notice in the US is a social contract: there’s nothing legally requiring it, but there are _social_ consequences (ie: your reference might be less positive) if you don’t follow it.
Everything that’s kind of in an employee’s favor is not socialism. You don’t have to like the idea of “work hard, help the company do well, get rewarded,” but that isn’t socialism. It’s just a thing you don’t like.
There has never been an understanding that rising profits = no layoffs. Zero idea where that came from. Companies will reduce workforce when they dont think those workers are providing value, that has always been the case.