- In theory, citizens have equal access to the products and resources and are compensated based on the amount of work performed.
- Under the ideals of socialism, there is no motivation for workers to excel at their jobs because there is no benefit to the worker.
- Friedrich Engels, a French social theorist, developed modern socialistic theory in the late 18th century when he advocated the elimination of production methods based on capitalism.
- Karl Marx described socialism as a lower form of communism and held the opinion that socialism was an intermediary step in moving from capitalism to communism.
- Many movements across Europe embraced the Marxist view of socialism and this led to the protests and uprisings of the working class, including the labor unions.
- The two largest "socialistic" systems are the former Soviet Union and Mainland China. Each of these began with the ideals of socialism, but ended in becoming totalitarian in nature.
Socialism is defined as an economic theory, system or movement where the production and distribution of goods is done, owned and shared by the citizens of a society.
Facts About Socialism
An example of socialism is the Mainland Chinese economic system.
- any of various theories or systems of the ownership and operation of the means of production and distribution by society or the community rather than by private individuals, with all members of society or the community sharing in the work and the products
- a political movement for establishing such a system
- the doctrines, methods, etc. of the Socialist parties
- in Marxist doctrine, the stage of society coming between the capitalist and the communist stages
- Any of various theories or systems of social organization in which the means of producing and distributing goods is owned collectively or by a centralized government that often plans and controls the economy.
- The stage in Marxist-Leninist theory intermediate between capitalism and communism, in which the means of production are collectively owned but a completely classless society has not yet been achieved.
(usually uncountable, plural socialisms)
- (Marxism) The intermediate phase of social development between capitalism and full communism in Marxist theory in which the state has control of the means of production.
- Any of several later political philosophies such as libertarian socialism, democratic socialism, and social democracy which do not envisage the need for full state ownership of the means of production nor transition to full communism, and which are typically are based on principles of community decision making, social equality and the avoidance of economic and social exclusion, with economic policy should giving first preference to community goals over individual ones.
socialism - Investment & Finance Definition
A political system that believes in society as a whole sharing ownership of property and the means of production, rather than allowing private individuals to acquire them. The government is heavily involved in providing for citizens’ needs, such as medical care. Socialism contrasts with capitalism, which is based on competition and little government involvement. In capitalism, individuals must provide for their own needs.