What is socialism?

  • (noun): An economic system based on state ownership of capital.
    Synonyms: socialist economy
    See also — Additional definitions below


Socialism is an economic system characterised by social ownership of the means of production and co-operative management of the economy, and a political philosophy advocating such a system. "Social ownership" may refer to cooperative enterprises, common ownership, state ownership, or citizen ownership of equity. There are many varieties of socialism and there is no single definition encapsulating all of them. They differ in the type of social ownership they advocate, the degree to which they rely on markets or planning, how management is to be organised within productive institutions, and the role of the state in constructing socialism.

Read more about Socialism.

Some articles on socialism:

Socialism: Utopian And Scientific
... Socialism Utopian and Scientific (Die Entwicklung des Sozialismus von der Utopie zur Wissenschaft) is an extract from Anti-Dühring, a polemic against ... The title Socialism Utopian and Scientific was adopted for the English publication in 1892 ...
Communism In The United States - Explanations For Weakness
... organization and leadership, some to the incompatibility of socialism and American values, and others to the limitations imposed by the American constitution ... If socialism represented the future, then it should be strongest in the United States ... equality of opportunity, universal education and improved working conditions, not socialism, collective ownership or equality of outcome, and disappeared after their goals were taken up by Jacksonian democracy ...
Marxistic - Concepts - Revolution, Socialism, and Communism
... Marxists believe that the transition from capitalism to socialism is an inevitable part of the development of human society as Lenin stated, "it is evident that Marx ...
Criticism of Socialism
... Some of the primary criticisms of socialism are claims that it creates distorted or absent price signals, results in reduced incentives, causes reduced prosperity, has low feasibility, and that ...
Marxistic - Political Marxism - Socialism
... Part of a series on Socialism Development History of socialism Socialist economics Socialist calculation debate Ideas Calculation in kind Cooperative Common ownership Economic democracy Economic planning ... Democratic Youth International Union of Socialist Youth World Socialist Movement Socialism portal Economics portal Politics portal The term ... Eco-socialism, and Green politics with a strong leftist tinge, are on the rise in European democracies ...

More definitions of "socialism":

  • (noun): A political theory advocating state ownership of industry.

Famous quotes containing the word socialism:

    Men conceive themselves as morally superior to those with whom they differ in opinion. A Socialist who thinks that the opinions of Mr. Gladstone on Socialism are unsound and his own sound, is within his rights; but a Socialist who thinks that his opinions are virtuous and Mr. Gladstone’s vicious, violates the first rule of morals and manners in a Democratic country; namely, that you must not treat your political opponent as a moral delinquent.
    George Bernard Shaw (1856–1950)

    Without freedom, no art; art lives only on the restraints it imposes on itself, and dies of all others. But without freedom, no socialism either, except the socialism of the gallows.
    Albert Camus (1913–1960)

    This socialism will develop in all its phases until it reaches its own extremes and absurdities. Then once again a cry of denial will break from the titanic chest of the revolutionary minority and again a mortal struggle will begin, in which socialism will play the role of contemporary conservatism and will be overwhelmed in the subsequent revolution, as yet unknown to us.
    Alexander Herzen (1812–1870)