Socialism
Socialism
Socialism (/ˈsoʊʃəˌlɪzəm/) is a political, social, and economic philosophy encompassing a range of economic and social systems characterized by social ownership of the means of production and workers' self-management of enterprises.
Etymology
The term "socialism" was created by Henri de Saint-Simon, one of the founders of what would later be labelled utopian socialism. Saint-Simon was fascinated by the enormous potential of science and technology and advocated a socialist society that would eliminate the disorderly aspects of capitalism and would be based on equal opportunities.
Related Terms
- Communism: A political theory derived from Karl Marx, advocating class war and leading to a society in which all property is publicly owned and each person works and is paid according to their abilities and needs.
- Capitalism: An economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state.
- Marxism: The political and economic theories of Karl Marx and Friedrich Engels, later developed by their followers to form the basis for the theory and practice of communism.
- Democratic Socialism: A political philosophy supporting political democracy within a socially owned economy, with a particular emphasis on workers' self-management and democratic control of economic institutions within a market or some form of decentralized planned socialist economy.
- Market Socialism: A type of economic system involving the public, cooperative, or social ownership of the means of production in the framework of a market economy.
External links
- Medical encyclopedia article on Socialism
- Wikipedia's article - Socialism
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