What is socialism?

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โˆ™ 2015-09-24 22:03:05

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Socialism generally refers to an economic system based on public ownership and operation of the means of production (capital goods, assets and production equipment) with ownership vested in either a public body or in the workers who operate the enterprise.

There are several key variants of socialism that can be differentiated based on their economic mechanism (economic planning or market Economics), their type of ownership (public ownership or worker's cooperatives), and how goods and services are valued.

Socialism may also refer to political ideologies and movements that have the establishment of socialism as their ultimate goal.

There are a number of different issues socialism seeks to resolve and goals socialism aims to achieve. Among socialism's key goals include:

  • The profits created by industry belong to society and can be used to fund public goods or be distributed among all members of the public;
  • Allowing for self-management within the economy for individuals and workers, granting them greater autonomy and control over their work;
  • The promotion of social equality and equitable use of the profits created by society;
  • Eliminating exploitation caused by private ownership of the means of production, so that one's income is proportional to how much one contributes to society;
  • Eliminating the economic crises, business cycle and unemployment caused by capitalism.

There are different varieties of socialism. In general, they share a desire for egalitarianism, by which they mean equality as the oppurtunity to achieve self-actualization, and not just equality before the law.


Socialism - Economic vs Political

One thing the above gets a bit confused with is that in modern-day academic usage, socialism is mostly an economic idea, not a politicalidea. When talking about political socialism, usually it is referred to by another name, which specifies how the socialist economic policy is to be implemented; see things like Social democracy, Communism, Leninism and Maoism. Economic socialism by itself says nothing about the way that wealth should be distributed per se - that is, a socialist economy does not have to have one particular form of political system structure.

Commonly, Socialism (with the capital 'S') is a shorthand for Marxism, while socialism (with a lower-case 's') refers to the socialism economic theory.
Socialism means two related things:

An economic system based on social ownership of the means of production, collective-decision making in management, and production organized directly for use. There are several hypothetical versions of socialism, such as market-based socialism, planned economies and decentralized-planning.

Socialism also refers to a political ideology and political movement working toward the establishment of a socialist economy. This might encompass any policies or values held by that movement.
Socialism is where the government owns the industry of the country.

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โˆ™ 2015-09-24 22:03:05
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โˆ™ 2021-06-07 10:32:44

A society without classes or government or money, where people just work together for the common good.

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Vilma Hirthe

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โˆ™ 2021-06-07 18:05:44

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Q: What is socialism?
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Related Questions

Why socialism book written by?


Which came first socialism or communism?


Did Karl Marx support socialism?

He developed a form of socialism which was sometimes called "scientific socialism".

What are the most important differences between state socialism and market socialism?

Market socialism should be contrasted with a planned economy, or planned socialism. Market socialism involves the use of markets and prices for determining how to use and allocate factors of production among organizations. These organizations may be state-owned or co-operatively owned; so market socialism can be a type of state socialism. State socialism is contrasted with co-operative socialism. In state socialism, the means of production are owned and managed by a public body. In contrast, cooperative socialism involves ownership of the means of production by the employees or by councils of consumer co-operatives. It is possible to have state-market socialism and cooperative-market socialism. Likewise, it is possible to have cooperative-planned socialism and state-planned socialism.

Was communism or socialism first?

It was from Socialism that Communism was born.

Which socialism did Karl Marx subscribe to?

Scientific socialism.

What rhymes with socialism?

There are no perfect rhymes for the word socialism.

Did Plato teach socialism?

No, Plato did not teach socialism.

What types of economic systems exist throughout the world today?

capitalism, communism, socialism, and market economy capitalism, communism, socialism, and market economy capitalism, communism, socialism, and market economy capitalism, communism, socialism, and market economy capitalism, communism, socialism, and market economy capitalism, communism, socialism, and market economy capitalism, communism, socialism, and market economy

What is definition of market socialism?

There can be no such thing. Socialism means the abolition of the wages system and of production for sale. Socialism has no classes, no money, no markets.

Is Socialism an abstract noun?

Yes, Socialism is an abstract noun.

How is socialism used in a sentence?

Socialism is an ineffective government type.

How can socialism be used in a sentence?

Socialism is associated with the political left.

The African form of socialism was based on what?

"African form of socialism"

When was Socialism is Good created?

Socialism is Good was created in 1958.

When was Socialism or Barbarism created?

Socialism or Barbarism was created in 2001.

When was Voluntary Socialism created?

Voluntary Socialism was created in 1896.

When was The Future of Socialism created?

The Future of Socialism was created in 1956.

What characteristics and socialism share?

You haven't given what the comparison is with socialism.

What counties practice socialism?

Generally, countries with people practice socialism. However there are countries with people who do not practice socialism. A country without people will never practice socialism as there is no social aspect.

What is a sentence for the word socialism?

Socialism does not agree with capitalist beliefs.Capitalism requires inequality to thrive, whereas socialism enforces equality.

Why did socialism develop?

That depends on the time and the place as well as what you count as socialism.

Who developed radical socialism?

Karl Marx invented Radical Socialism.

How many pages does Socialism or Barbarism have?

Socialism or Barbarism has 126 pages.

How many pages does Voluntary Socialism have?

Voluntary Socialism has 228 pages.