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Socialism

Socialism

Socialism is an economic and political theory that promotes public ownership of resources. The economic goal of socialism is planned production to ensure effective resource management. As a political theory, it establishes itself as a class-less society.

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  1. Who determines the use of recources under socialism?

    Central to the meaning of socialism is common ownership. This...

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    The government would set the amount a citizen will earn for p...

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  1. What did Socialists believe in?

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  2. Who determines the use of recources under socialism?

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  3. What is a characteristic of socialism?

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  4. Who owns the factors of production in socialism?

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  5. Who is in control in socialism versus communism?

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  1. Who sets the amount a citizen will earn for performing a particular job in socialism?

    The government would set the amount a citizen will earn for p...

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  5. Is Denmark a socialist country?

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  1. What country uses socialism?

    China and Cuba are two of the socialist nations in the world ...

  2. What is socialism and capitalism?

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  3. What is the major difference between socialism and communism?

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  1. What is political socialism?

    Marxist theory stage following capitalism the transition of s...

  2. Who owns the factors of production in socialism?

    In an economic system of socialism, The state (Government) ow...

  3. What is socialism and capitalism?

    Socialism:Theory or system of social organization that advoca...

  4. What country uses socialism?

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About Socialism

History
Socialism started out as a political and economic theory from thinkers like Robert Owen; however the two most influential theorists were Friedrich Engels and Karl Marx. Socialism was seen as the ultimate end, the last stage after Communism, according to Marx. These theories were written in the mid-1800's and around before the first socialist government, The Soviet Union.

The basis for economic activity is a political function, that is a centrally planned economy. Politics and the economy are tied together closely. The government creates bureaus that are filled with workers' representatives who are elected by local workers. The idea was a Utopian trickle-down effect.

Contemporary
There are no socialist governments anymore. However, critics say social welfare programs, such as Social Security and Medicare, and the Post Office are socialist in their nature. Many Nordic countries, like Sweden and Finland, have extensive socialist programs in place: single-payer health care, state-owned companies and price controls on agriculture.

Related Images

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Republican congresswoman Michele Bachmann speaks during a press conference in West Des Moines, Iowa, on January 4, 2012. Bachmann bowed out of the Republican presidential race on Wednesday, saying she had decided to 'stand aside' after a sixth place finish in the Iowa caucuses. Bachmann ended her campaign with a vehement attack on President Barack Obama, calling the November elections the last chance to repeal his health care reform law and 'policies based on socialism.'

New Moroccan Prime minister Abdelillah Benkirane (R) holds a meeting with the outgoing Prime minister Abbas Al Fassi and Nabil Benabdellah (L), secretary general of the Socialism and Progress Party at Justice and Development Party (PJD) headquarters in Rabat on December 12, 2011. Abdelilah Benkirane, who was appointed prime minister by King Mohammed VI after his Justice and Development Party (PJD) secured the most votes in last month's election, has been in talks with other parties to form a coalition.

An activist of the Ukrainian Communist party holds a sickle and hammer, symbols of Socialism, during a rally on Independence Square in Kiev on November 7, 2011. People marched in the Ukrainian capital to mark the anniversary of the October Revolution of 1917 that brought the Bolsheviks to power.

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Socialism