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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.

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 (8)

AP Comparative Government
AP European History
AP Spanish Language
AP US Government
AP US History
Intro to Business
Intro to Political Science
Intro to Sociology

Study guides (2)

AP World History: Modern - 5.1 The Enlightenment
AP World History: Modern - 7.9 Causation in Global Conflict

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?

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