F.2. Political Philosophies: Socialism
Socialism is a political and economic ideology that advocates for the collective ownership of the means of production and distribution, managed according to a central plan designed to serve the common good. Under socialism, the working class—those who create wealth—have the authority to collectively determine how that wealth should be used to benefit everyone in society.
True socialism emphasizes democratic governance, encompassing both the economic and political spheres. It aims to ensure that resources and opportunities are shared equitably, rather than being concentrated in the hands of a few.
The roots of socialism lie deep in the historical development of human society, drawing on past experiences to inform its future trajectory. Its principles and evolution are grounded in the accurate understanding of human history and its continuous social and economic transformations.
Socialism was initiated in the late 18th century by a knowledgeable and working-class political movement that disapproved of the effects of industrialization and private ownership on civilization.
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Related Topics
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Details
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FeaturesÂ
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The main features of socialism are:
- Public ownership
- Central planning
- Definite socio-economic objectives
- Freedom of consumption
- Equal income distribution
- Regulated pricing process
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Types of socialism
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- Democratic Socialism promotes the principles of Socialism as an economic principle which signifies that the means of production should be in the hands of ordinary working people and equality as a governing principle.
- Marxian socialism denotes a particular historical phase of financial development and its corresponding set of social relations that ultimately overtake capitalism in the plan of historical materialism.
- From this perspective, socialism is described as a mode of production where the principle for production is use-value, where production for use is coordinated through conscious economic planning and the law of value no longer directs economic activity.
- Revolutionary Socialism supports the need for essential social change through revolution or revolution instead of gradual reform as a strategy to attain a socialist society.
- Utopian Socialism describes the first streams of modern socialist thought in the first quarter of the 19th Century. It was used by later socialist thinkers to define early socialist, or quasi-socialist, intellectuals who created hypothetical visions of perfect egalitarian and communalist societies without actually concerning themselves with how these societies could be created or sustained.
- Libertarian Socialism develops a society without political, economic, or social hierarchies, in which every person would have free, equal access to tools of information and production.
- Market Socialism is a type of economic system in which there is a market economy directed and guided by socialist developers, and where prices are set through trial and error rather than relying on a free price tool.
- Eco-Socialism is a philosophy that combines aspects of Marxism, Socialism, Green politics, ecology, and the anti-globalization movement. They focus on collective ownership of the means of production, to alleviate the social barring, poverty, and environmental deprivation brought about by the capitalist system, globalization, and colonialism.
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Effect of socialism on society
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- Creates a welfare society where all the basic needs of people (food, clothes, and shelter) are fulfilled by the State at very affordable prices.
- Providing employment is the State’s responsibility based on capabilities, education, and skills.
- All the profits go to the State, which utilizes them for the well-being of the society by providing them with free education, improving public health amenities, ensuring social security, etc.
- Establishes the supremacy of the State, which may lead to authoritarianism.
- Lack of checks and balances in the bureaucracy leads to increased corruption in society.
- People lack the fundamental right of freedom to choose what they want to consume and what and where they want to work.
- Socialism demeans their ability to grow economically in careers as people do not work for personal growth but under the fear of the State.
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