SOCIALISM

Socialism

Socialism is an economic system characterised by social ownership of the means of production and co-operative management of the economy. "Social ownership" may refer to cooperative enterprises, common ownership, state ownership, citizen ownership of equity, or any combination of these. 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.

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socialism

Noun

  1. Any of various economic and political philosophies that support social equality, collective decision-making, distribution of income based on contribution and public ownership of productive capital and natural resources, as advocated by socialists.
  2. The socialist political philosophies as a group, including Marxism, libertarian socialism, democratic socialism, and social democracy.
  3. The intermediate phase of social development between capitalism and full communism. This is a strategy whereby the state has control of all key resource-producing industries and manages most aspects of the economy, in contrast to laissez faire capitalism.


The above text is a snippet from Wiktionary: socialism
and as such is available under the Creative Commons Attribution/Share-Alike License.

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