Socialism

Socialism is a political philosophy and economic system that promotes social ownership and democratic control of the means of production. It includes the political theories and movements associated with such systems. Social ownership can be public, collective, or cooperative ownership, or citizen ownership of equity. There are many varieties of socialism and there is no single definition encapsulating all of them, with social ownership being the common element shared by its various forms.

History

The origins of socialism as a political movement lie in the Industrial Revolution. Its intellectual roots, however, reach back even further into history. Socialists have been active in the promotion of workers' rights since the Industrial Revolution.

Theory

Socialist systems are divided into non-market and market forms. Non-market socialism involves the substitution of factor markets and money with engineering and technical criteria based on calculation performed in-kind, thereby producing an economic mechanism that functions according to different economic laws from those of capitalism. Market socialism, on the other hand, involves the use of monetary prices, factor markets and in some cases the profit motive, with respect to the operation of socially owned enterprises and the allocation of capital goods between them.

Criticism

Critics of socialism have argued that it might lack incentives for workers due to the absence of a direct connection between personal financial gain and productivity, leading to inefficiencies.

See also

• Communism
• Capitalism
• Marxism
• Democratic socialism
• Market socialism

External links

• Principles of Communism by Friedrich Engels
• The Communist Manifesto by Karl Marx and Friedrich Engels

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