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    Socialism is a system in which every person in the community has an equal share of the various elements of production, distribution, and


    An economic system that prescribes equal sharing of the different elements of production

    Home › Resources › Knowledge › Economics › Socialism

    What is Socialism?

    Socialism is a system in which every person in the community has an equal share of the various elements of production, distribution, and exchange of resources. Such a form of ownership is granted through a democratic system of governance. Socialism has also been demonstrated through a cooperative system in which each member of the society owns a share of communal resources.

    The rule of engagement in a socialistic system is that each person receives and contributes according to his ability. For this reason, individuals in a socialistic society tend to work very hard. Members of the community receive a share of the national pie once a percentage is taken off for the purpose of communal development. The areas into which resources are channeled include defense, education, and transportation.

    For the common good is a term that is interpreted to mean taking care of people who can’t contribute to social development, such as children, caretakers, and the elderly.

    Types of Socialism

    Many forms of socialism exist around the world, and they all differ when it comes to ideas on how best to incorporate capitalism into a socialistic structure. In addition, the different forms of socialism emphasize the diverse aspects of social democracy. Here are some of the types of socialistic systems:

    1. Democratic socialism

    In democratic socialism, factors of production are under the management of an elected administration. Vital goods and services such as energy, housing, and transit are distributed through centralized planning, while a free market system is used to distribute consumer products.

    2. Revolutionary socialism

    The running philosophy of revolutionary socialism is that a socialistic system can’t emerge while capitalism is still in play. Revolutionaries believe that the road to a purely socialistic system requires a lot of struggle. In such a system, the factors of production are owned and run by workers through a well-developed and centralized structure.

    3. Libertarian socialism

    Libertarian socialism works on the assumption that people are always rational, self-determining, and autonomous. If capitalism is taken away, people naturally turn to a socialistic system because it is able to meet their needs.

    4. Market socialism

    Under market socialism, the production process is under the control of ordinary workers. The workers decide how resources should be distributed. The workers sell off what is in excess or give it out to members of the society, who then distribute resources based on a free market system.

    5. Green socialism

    Green socialism is protective of natural resources. Large corporations in a green socialistic society are owned and run by the public. In addition, green socialism promotes the development and use of public transit, as well as the processing and sale of locally grown food. The production process is focused on ensuring that every member of the community has enough access to basic goods. Moreover, the public is guaranteed a sustainable wage.

    Advantages of Socialism

    1. Absence of exploitation

    A socialistic system ensures that no worker is exploited. How? Well, each of the workers in the community has a say on how the resources are managed, and each person receives and contributes based on an individual’s potential.

    According to the socialistic system, each person is guaranteed access to basic goods, even those who are not able to contribute. As a result, the system helps to minimize poverty levels in the society. In addition, each person has the same right to access health care and other important social aspects, such as education.

    2. Rejection of discrimination

    The system disapproves discrimination, and each person does what he is good at or what he enjoys best. If there are jobs that should be done and there is no one to perform them, a higher remuneration is provided. Natural resources are protected for posterity.

    Disadvantages of Socialism

    1. Dependence on cooperative pooling

    Perhaps the greatest disadvantage of a socialistic system is its reliance on cooperative pooling to get things done. In addition, people who are competitive in the community are viewed in a negative light. The society expects cooperation and not competitiveness. According to socialism, competitive individuals tend to find ways to cause social unrest for personal gain.

    2. Lack of competitiveness and innovation

    Socialism does not reward entrepreneurial ventures or competitiveness. Consequently, a socialistic system does not encourage innovation as much as capitalism.

    Socialism vs. Capitalism

    Capitalism, also known as a free market system, and socialism differ based on their rational underpinning. In addition, they also differ based on implied or stated goals, as well as the framework of ownership, and the production process.

    Structurally, a free market system and socialism can be distinguished based on rights to property, as well as control of the production process. Under a capitalistic economy, enterprises and private individuals control the means of production, together with all the profits. Under a socialistic structure, a central authority controls the resources used in the production process. Private property is unheard of, but where it exists, it is in the form of consumer products.

    स्रोत : corporatefinanceinstitute.com



    From Wikipedia, the free encyclopedia

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    For other uses, see Socialism (disambiguation).

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    Socialism is a political, social, and economic philosophy encompassing a range of economic and social systems characterised by social ownership[1][2][3][4] of the means of production,[5][6][7][8] as opposed to private ownership.[4][9][10] It includes the political theories and movements associated with such systems.[11] Social ownership can be public, collective, or cooperative.[12] While no single definition encapsulates the many types of socialism,[13] social ownership is the one common element.[1][9][10] Socialisms vary based on the role of markets and planning in resource allocation, on the structure of management in organizations, and from below or from above approaches, with some socialists favouring a party, state, or technocratic-driven approach. Socialists disagree on whether government, particularly existing government, is the correct vehicle for change.[14][15]

    Socialist systems are divided into non-market and market forms.[16] Non-market socialism substitutes factor markets and often money with integrated economic planning and engineering or technical criteria based on calculation performed in-kind, thereby producing a different economic mechanism that functions according to different economic laws and dynamics than those of capitalism.[17][18][19][20] A non-market socialist system seeks to eliminate the perceived inefficiencies, irrationalities, and unpredictability, and crises that socialists traditionally associate with capital accumulation and the profit system in capitalism.[21][22][23][24] The socialist calculation debate, originated by the economic calculation problem,[25][26] concerns the feasibility and methods of resource allocation for a planned socialist system.[27][28][29] By contrast, market socialism retains the use of monetary prices, factor markets and in some cases the profit motive, with respect to the operation of socially owned enterprises and the allocation of capital goods between them. Profits generated by these firms would be controlled directly by the workforce of each firm or accrue to society at large in the form of a social dividend.[30][31][32] Anarchism and libertarian socialism oppose the use of the state as a means to establish socialism, favouring decentralisation above all, whether to establish non-market socialism or market socialism.[33][34]

    Socialist politics has been both internationalist and nationalist in orientation; organised through political parties and opposed to party politics; at times overlapping with trade unions and at other times independent and critical of them; and present in both industrialised and developing nations.[35] Social democracy originated within the socialist movement,[36] supporting economic and social interventions to promote social justice.[37][38] While retaining socialism as a long-term goal,[39][40][41][42][43] since the post-war period it has come to embrace a Keynesian mixed economy within a predominantly developed capitalist market economy and liberal democratic polity that expands state intervention to include income redistribution, regulation, and a welfare state.[44] Economic democracy proposes a sort of market socialism, with more democratic control of companies, currencies, investments and natural resources.[45]

    The socialist political movement includes a set of political philosophies that originated in the revolutionary movements of the mid-to-late 18th century and out of concern for the social problems that were associated with capitalism.[13] By the late 19th century, after the work of Karl Marx and his collaborator Friedrich Engels, socialism had come to signify opposition to capitalism and advocacy for a post-capitalist system based on some form of social ownership of the means of production.[46][47] By the 1920s, communism and social democracy had become the two dominant political tendencies within the international socialist movement,[48] with socialism itself becoming the most influential secular movement of the 20th century.[49] Socialist parties and ideas remain a political force with varying degrees of power and influence on all continents, heading national governments in many countries around the world. Today, many socialists have also adopted the causes of other social movements such as feminism, environmentalism and progressivism.[50]

    While the emergence of the Soviet Union as the world's first nominally socialist state led to socialism's widespread association with the Soviet economic model, some economists like Richard D. Wolff, and intellectuals like Noam Chomsky posit that in practice the model functioned as a form of state capitalism[51][52][53] or a non-planned administrative or command economy.[54][55] Several academics, political commentators, and scholars have distinguished between authoritarian socialist and democratic socialist states, with the first representing the Eastern Bloc and the latter representing Western Bloc countries which have been democratically governed by socialist parties such as Britain, France, Sweden, and Western countries in general, among others.[56][57][58][59]

    स्रोत : en.wikipedia.org

    Socialism Definition: History, Theory, & Analysis

    Socialism is an economic and political system based on public or collective ownership of the means of production that emphasizes economic equality.



    By WILL KENTON Updated January 31, 2022

    Reviewed by MICHAEL J BOYLE

    Fact checked by KIRSTEN ROHRS SCHMITT

    What Is Socialism?

    Socialism is a populist economic and political system based on public ownership (also known as collective or common ownership) of the means of production. Those means include the machinery, tools, and factories used to produce goods that aim to directly satisfy human needs.

    Communism and socialism are umbrella terms referring to two left-wing schools of economic thought; both oppose capitalism, but socialism predates the "Communist Manifesto," a 1848 pamphlet by Karl Marx and Friedrich Engels, by a few decades.

    In a purely socialist system, all legal production and distribution decisions are made by the government, and individuals rely on the state for everything from food to healthcare. The government determines the output and pricing levels of these goods and services.

    Socialists contend that shared ownership of resources and central planning provide a more equal distribution of goods and services and a more equitable society.


    Socialism is an economic and political system based on public ownership of the means of production.

    All legal production and distribution decisions are made by the government in a socialist system. The government also determines all output and pricing levels and supplies its citizens with everything from food to healthcare.

    Proponents of socialism believe that it leads to a more equal distribution of goods and services and a more equitable society.

    Socialist ideals include production for use, rather than for profit; an equitable distribution of wealth and material resources among all people; no more competitive buying and selling in the market; and free access to goods and services.

    Capitalism, with its belief in private ownership and the goal to maximize profits, stands in contrast to socialism, but most capitalist economies today have some socialist aspects.

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    What is Socialism?

    Understanding Socialism

    Common ownership under socialism may take shape through technocratic, oligarchic, totalitarian, democratic, or even voluntary rule. A prominent historical example of a socialist country, albeit one run by communists, is the former Union of Soviet Socialist Republics (U.S.S.R.), also known as the Soviet Union.

    Due to its practical challenges and poor track record, socialism is sometimes referred to as a utopian or “post-scarcity” system, although modern adherents believe it could work if only properly implemented. They argue that socialism creates equality and provides security—a worker’s value comes from the amount of time they work, not in the value of what they produce—while capitalism exploits workers for the benefit of the wealthy.

    Socialist ideals include production for use, rather than for profit; an equitable distribution of wealth and material resources among all people; no more competitive buying and selling in the market; and free access to goods and services. Or, as an old socialist slogan describes it, “from each according to ability, to each according to need.”1

    Origins of Socialism

    Socialism developed in opposition to the excesses and abuses of liberal individualism and capitalism. Under early capitalist economies during the late 18th and 19th centuries, western European countries experienced industrial production and compound economic growth at a rapid pace. Some individuals and families rose to riches quickly, while others sank into poverty, creating income inequality and other social concerns.

    The most famous early socialist thinkers were Robert Owen and Henri de Saint-Simon, and later Karl Marx and then Vladimir Lenin. It was primarily Lenin who expounded on the ideas of earlier socialists and helped bring socialist planning to the national level after the 1917 Bolshevik Revolution in Russia.

    Following the failure of socialist central planning in the former Soviet Union and Maoist China during the 20th century, many modern socialists adjusted to a high regulatory and redistributive system sometimes referred to as market socialism or democratic socialism.

    Socialism vs. Capitalism

    Capitalist economies (also known as free-market or market economies) and socialist economies differ by their logical underpinnings, stated or implied objectives, and structures of ownership and production. Socialists and free-market economists tend to agree on fundamental economics—the supply and demand framework, for instance—while disagreeing about its proper adaptation.

    Several philosophical questions also lie at the heart of the debate between socialism and capitalism: What is the role of government? What constitutes a human right? What roles should equality and justice play in society?

    Functionally, socialism and free-market capitalism can be divided on property rights and control of production. In a capitalist economy, private individuals and enterprises own the means of production and the right to profit from them; private property rights are taken very seriously and apply to nearly everything. In a purely socialist economy, the government owns and controls the means of production; personal property is sometimes allowed, but only in the form of consumer goods.

    स्रोत : www.investopedia.com

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