Socialism is an economic and political system based on public or collective ownership of the means of production, which emphasizes equality rather than achievement.
 | | Socialism | 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. Communism and 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 by Karl Marx and Friedrich Engels, by a few decades.
In a purely socialist system, all legal production and distribution decisions 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 and a more equitable society. | | Read More » | | Factors Of Production | | Factors of production is an economic term used to describe the inputs that are used in the production of goods or services in the attempt to make a profit. | | Read More » | | | Communism | | Communism is an ideology that advocates a classless system in which the means of production are owned communally. | | Read More » | | | Karl Marx | | Karl Marx was a 19th century philosopher, author and economist famous for his ideas about capitalism and communism. He was the father of Marxism. | | Read More » | | | | | | CONNECT WITH INVESTOPEDIA | | | | | | | |
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