Overview. The first socialist state was the Russian Socialist Federative Soviet Republic, established in 1917.
The Marxist definition of socialism is that of an economic transition. … The social relations of socialism are characterized by the proletariat effectively controlling the means of production, either through cooperative enterprises or by public ownership or private artisanal tools and self-management.
Marx and Engels developed a body of ideas which they called scientific socialism, more commonly called Marxism. Marxism comprised a theory of history (historical materialism) as well as a political, economic and philosophical theory.
Socialism is an economic system where the means of production, such as money and other forms of capital, are owned to
some degree by the public (via the state)
. Under a socialist system, everyone works for wealth that is in turn distributed to everyone.
In a socialist economy, the
government owns and controls the means of production
; personal property is sometimes allowed, but only in the form of consumer goods. … Socialist economies rely on either the government or worker cooperatives to drive production and distribution.
Some of the capitalist countries with successful social policies so admired by “the squad” follow in the ranking with 37% of Americans saying that
Sweden
is the world's most socialist country while 36% opt for Denmark.
| Country Since Party | People's Republic of China 1 October 1949 Communist Party of China | Republic of Cuba 1 January 1959 Communist Party of Cuba | Lao People's Democratic Republic 2 December 1975 Lao People's Revolutionary Party | Socialist Republic of Vietnam 2 September 1945 Communist Party of Vietnam |
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The benefits of socialism also include the following: In theory, based on public benefits,
socialism has the greatest goal of common wealth
; Since the government controls almost all of society's functions, it can make better use of resources, labors and lands; … Socialism can tackle unemployment to a great extent.
This brand of socialism believes in: …
Redistribution of income and wealth through a progressive tax system and welfare state
. Ownership of key public sector utilities, such as gas, electricity, water, railways. Private enterprise and private ownership of other industries.
Socialism is an economic and political system where the community or state owns the general means of production (i. e. farms, factories, tools, and raw materials.) This is different from capitalism, where the means of production are privately owned.
There is a very common myth about socialism, which says that socialism would give everyone the same wage, and therefore no one would have a reason to work hard. This is
false
. … There are a number of socialists who do advocate equal wages but they always propose some other type of incentive to replace wage differences.
Disadvantages of socialism include
slow economic growth, less entrepreneurial opportunity and competition
, and a potential lack of motivation by individuals due to lesser rewards.
- The main features of socialist economy are as follows:
- (i) Collective Ownership:
- (ii) Economic, Social and Political Equality:
- (iii) Economic Planning:
- (iv) No Competition:
- (v) Positive Role of Government:
- (vi) Work and Wages According to Ability and Needs:
(1) what to produce, (2) how to produce, and (3) for whom to produce
. What is produced? based on custom and the habit of how such decisions were made in the past.
Socialism includes the collective ownership of the means of production, central planning of the economy, and the emphasis on
equality and economic security
with the goal of reducing class distinctions.
| Basis for Comparison Capitalism Socialism | Basis Principle of Individual Rights Principle of Equality | Advocates Innovation and individual goals Equality and fairness in society | Means of Production Privately owned Socially owned | Prices Determined by the market forces Determined by the Government |
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