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.Communismand
socialism are umbrella terms referring to two left-wing schools
of economic thought; both oppose capitalism, but socialism
predates the "Communist Manifesto," an 1848 pamphlet byKarl
Marxand Friedrich Engels, by a few decades.
In a purely socialist system, all legal production anddistributiondecisions
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
Socialism Explained
Common ownership under socialism may take shape throughtechnocratic,
oligarchic, totalitarian, democratic or even voluntary rule.
Prominent historical examples of socialist countries include
the former Soviet Union and Nazi Germany. Contemporary
examples include Cuba, Venezuela, and China.
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 socialism creates
equality and provides security – a worker’s value comes from
the amount of time he or she works, not in the value of what
he or she produces — whilecapitalismexploits
workers for the benefit of the wealthy.
Socialist ideals include production for use, rather than forprofit;
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.” (Investopedia)
How/When Socialists and Communists Take Over a Nation
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