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  2. Dictionary

    so·cial·ism
    [ˈsōSHəˌlizəm]
    noun
    socialism (noun)
    1. a political and economic theory of social organization which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole:
      "we want a real democratic and pluralist left party—one which unites all those who believe in socialism"
      Opposite:
    Origin
    early 19th century: from French socialisme, from social (see social).
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  3. People also ask
    What is the difference between socialism and communism?Another key difference in socialism versus communism is the means of achieving them . In communism, a violent revolution in which the workers rise up against the middle and upper classes is seen as an inevitable part of achieving a pure communist state. Socialism is a less rigid, more flexible ideology.
    What is the difference between socialism and capitalism?The main difference between capitalism and socialism is the extent to which the government controls the economy. Socialism is an economic and political system under which the means of production are publicly owned. Production and consumer prices are controlled by the government to best meet the needs of the people.
    What are the different types of socialism?Socialism is an ideology that supports public ownership of property and natural resources. It is fundamentally opposed to Liberalism that believes in the private ownership of property. There are many kinds of socialism like democratic socialism, evolutionary socialism, Fabian socialism, guild socialism etc.
    What are the pros and cons of socialism?1) Socialism benefits the few at the expense of the many: Socialism is superior to capitalism in one primary way: It offers more security. It’s almost like an extremely expensive insurance policy that dramatically cuts into your quality of life, but insures that if worse comes to worse, you won’t drop below a very minimal lifestyle.
     
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