Socialism
Definition
Socialism is an economic system where society as a whole (usually through government) owns and controls means of production such as factories, land, resources etc., instead of them being owned by individuals or corporations.
Analogy
Imagine if your school cafeteria didn't sell food but provided it freely to everyone. The cost would be covered by pooling resources together (like taxes). That's socialism - everyone contributes so everyone can benefit equally.
Related terms
Communism: An extreme form of socialism where all property is publicly owned and each person works according to their abilities and needs.
Capitalism: An economic system where trade, industry, and means of production are largely controlled by private owners for profit.
Marxism: A theory developed by Karl Marx which advocates for workers' rights and criticizes capitalism.
"Socialism" appears in:
Subjects (5)
Study guides (2)
Practice Questions (4)
- Which of the following best describes the movements that developed within states in Africa, Asia, and Latin America and advocated for communism or socialism?
- Which of the following groups would have been most likely to support socialism in the 1800s?
- How did the Industrial Revolution influence the ideas of socialism and communism in the 19th and 20th centuries?
- How did the ideological conflict between capitalism and socialism impact the process of decolonization after 1900?
Resources
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