The term refers to a social and economic doctrine that advocates public ownership and control over property and natural resources rather than private ownership or control. This includes machines, tools, and factories that produce goods directly intended to meet human needs. What Is Socialism?Īs an economic and political system, it is characterized by collective ownership (also known as common ownership) of the means of production. This could be achieved through worker-run cooperatives or publicly owned enterprises managed by workers and consumers. The workers and consumers directly affected by business institutions should run it. Socialists argue that the government does not have to run everything. It can be characterized as a form that places a strong emphasis on the management of both the economy and society democratically to fulfill the needs of all the people, not just the rich few. Consequently, it is argued that in a socialist system, everyone controls the means of production. A few capitalists hold power at the expense of the working class. Socialists believe that individual freedom and equality are accessible to those who control the means of production. It argues that these features of the capitalist economy led to inequalities in wealth and power and the exploitation of workers. Privatization of resources and means of production under private enterprise enables individuals to make their own choices. Following the 1917 Bolshevik Revolution in Russia, Lenin advanced socialist ideas and brought socialist planning to a national level. Henri de Saint-Simon and Robert Owen were the most famous early socialist thinkers, followed by Karl Marx and Vladimir Lenin. Income inequality and other social concerns arise when some quickly acquire wealth while others sink into poverty. West European countries experienced rapid industrial production and economic growth during the late 18th and 19th centuries. Marx and Engels developed it as a counterweight to liberal individualism and capitalism. It emerged as an alternative to capitalism when industrialists grew rich off the labor of workers who lived in poverty. Socialism, however, was directly a reaction to the Industrial Revolution, which led to significant economic and social change in Great Britain and worldwide. More than a century later, Thomas More's "Utopia," which depicted a fictional paradise island where people live and work communally, echoed Platonic ideals. The idea of a collective society has its roots in Plato's Republic, in which the philosopher described how society functions as a whole. Capitalism has developed its safety nets, while countries such as China and Vietnam may be on the brink of becoming fully-fledged market economies.
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