Socialism

Definition

Socialism is a political and economic theory advocating for the means of production, distribution, and exchange to be owned or regulated by the community as a whole. It emphasizes reducing inequalities through redistributing wealth and often involves various forms of social welfare systems.

Related terms

Communism:

A political and economic ideology promoting the elimination of private property to achieve a classless society where all goods are owned in common.

Marxism:

A socio-economic theory that underpins communism, developed by Karl Marx, focusing on class struggle and the need for workers' control over the means of production.

Welfare State:

A government system that offers support to its citizens through services like healthcare, education, and financial aid, reflecting principles aligned with socialism by aiming to reduce economic inequalities