Wikipedia:
Socialism refers to various theories of economic organization advocating state, worker or public ownership and administration of the means of production and allocation of resources, and a society characterized by equal access to resources for all individuals with an egalitarian method of compensation.[1][2][3] Contrary to popular belief, socialism is not a political system; it is an economic system distinct from capitalism.
Socialists mainly share the belief that capitalism unfairly concentrates power and wealth among a small segment of society that controls capital and derives its wealth through exploitation, creates an unequal society, does not provide equal opportunities for everyone to maximize their potentialities and does not utilize technology and resources to their maximum potential nor in the interests of the public. Therefore socialists advocate the creation of a society that allows for the widespread application of modern technology to rationalize economic activity by eliminating the anarchy in production of capitalism[4], allowing for wealth and power to be distributed based on the amount of work expended in production, although there is considerable disagreement among socialists over how and to what extent this could be achieved.
Socialism is not a concrete philosophy of fixed doctrine and program; its branches advocate a degree of social interventionism and economic rationalization (usually in the form of economic planning), sometimes opposing each other. Another dividing feature of the socialist movement is the split between reformists and revolutionaries on how a socialist economy should be established. Some socialists advocate complete nationalization of the means of production, distribution, and exchange; others advocate state control of capital within the framework of a market economy. Socialists inspired by the Soviet model of economic development have advocated the creation of centrally planned economies directed by a state that owns all the means of production. Others, including Yugoslavian, Hungarian, German and Chinese Communists in the 1970s and 1980s, instituted various forms of market socialism, combining co-operative and state ownership models with the free market exchange and free price system (but not free prices for the means of production).[5]
Modern socialism originated in the late 18th-century intellectual and working class political movement that criticized the effects of industrialization and private ownership on society. The utopian socialists, including Robert Owen (1771â1858), tried to found self-sustaining communes by secession from a capitalist society. Henri de Saint Simon (1760â1825), the first individual to coin the term socialism, was the original thinker who advocated technocracy and industrial planning.[6] The first socialists predicted a world improved by harnessing technology and combining it with better social organization, and many contemporary socialists share this belief. Early socialist thinkers tended to favor an authentic meritocracy combined with rational social planning, while many modern socialists have a more egalitarian approach.
Vladimir Lenin, perhaps influenced by Marx's ideas of "lower" and "upper" stages of socialism[7], later used the word "socialism" as a transitional stage between capitalism and communism.
Social democrats propose selective nationalization of key national industries in mixed economies, while maintaining private ownership of capital and private business enterprise. Social democrats also promote tax-funded welfare programs and regulation of markets. Many social democrats, particularly in European welfare states, refer to themselves as socialists, introducing a degree of ambiguity to the understanding of what the term means. Libertarian socialism (including social anarchism and libertarian Marxism) rejects state control and ownership of the economy altogether and advocates direct collective ownership of the means of production via co-operative workers' councils and workplace democracy.
Socialism:
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A theory or system of social reform which contemplates a complete reconstruction of society, with a more just and equitable distribution of property and labor. In popular usage, the term is often employed to indicate any lawless, revolutionary social scheme. See Communism, Fourierism, Saint-Simonianism, forms of socialism.
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so·cial·ism
* Pronunciation: ˈsō-shə-ˌli-zəm
* Function: noun
* Date: 1837
1 : any of various economic and political theories advocating collective or governmental ownership and administration of the means of production and distribution of goods
2 a : a system of society or group living in which there is no private property b : a system or condition of society in which the means of production are owned and controlled by the state
3 : a stage of society in Marxist theory transitional between capitalism and communism and distinguished by unequal distribution of goods and pay according to work done
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