Socialism

Definition

Socialism is an economic system where wealth and property are shared equally among citizens. The government controls major industries with the goal of reducing economic inequality.

Analogy

Imagine if your school cafeteria decided that everyone gets exactly one slice of pizza for lunch - no more, no less. That's socialism - it aims for equal distribution so nobody goes hungry while others have too much.

Related terms

Marxism: An economic theory developed by Karl Marx which forms the basis for many socialist ideologies; it advocates for workers owning means of production.

Democratic Socialism: A political philosophy that supports political democracy alongside social ownership of economy with emphasis on self-management or democratic management within economic institutions.

Welfare State: A type of government that provides extensive social services to its citizens often funded through taxation; this can be seen as an aspect or component within some socialist systems.