Socialism is a social and economic system characterized by “social ownership” of the (means of production) and the co-operative management of the economy, as well as a political theory and movement that aims at the establishment of such a system.
“Social ownership” may refer to “cooperative” enterprises, common ownership, state ownership, citizen ownership of equity, or any combination of these.
There are many varieties of socialism and there is no single definition encapsulating all of them. They differ in the type of social ownership they advocate, the degree to which they rely on markets or planning, how management is to be organized within productive institutions, and the role of the state in constructing socialism.
A socialist economic system is based on the organizational precept of production for use, meaning the production of goods and services to directly satisfy economic demand and human needs where objects are valued based on their (use-value) or utility, as opposed to being structured upon the accumulation of capital and production for profit.
In the traditional concept of a socialist economy, accounting and valuation would be performed in kind, (using physical quantities), by a common physical magnitude, or by a direct measure of labor-time in place of financial calculation.
On distribution of output there have been two proposals, one which is based on the principle of (to each according to his contribution), and another on the principle of from, (each according to his ability and each according to his need).
The advisability, feasibility and exact methods of resource allocation and valuation are the subject of the “socialist calculation debate.”
The socialist political movement includes a diverse array of political philosophies. Core dichotomies within the socialist movement include the distinction between “reformism” and “revolutionary socialism” and between “state socialism” and “libertarian socialism.”
State socialism calls for the (nationalization) of the means of production as a strategy for implementing socialism, while libertarian socialists place their hopes in decentralized means of direct democracy such as libertarian municipals, citizens’ assemblies, trade unions, and workers’ councils coming from a general anti-authoritarian stance.
With “democratic socialism” the central role of democratic processes is (highlighted) and political the system is usually contrasted with non-democratic political movements that advocate socialism.
Some socialists have adopted the causes of other social movements, such as environmentalism, feminism and liberalism.
Modern socialism originated from an 18th-century intellectual and working class political movement that criticized the effects of industrialization and private property on society.
The revival of republicanism in the American Revolution of 1776 and the egalitarian values introduced by the French Revolution of 1789 gave rise to socialism as a distinct political movement.
In the early 19th century, “socialism” referred to any concern for the social problems of capitalism irrespective of the solutions to those problems.
However, by the late 19th century, “socialism” had come to signify “opposition to capitalism” and advocacy for an alternative post-capitalist system based on some form of social ownership.
During this time, German philosopher Karl Marx and his collaborator Friedrich Engels published works criticizing the utopian aspects of contemporary socialist trends and applied a materialist understanding of socialism as a (phase of development) which would come about through “social revolution” instigated by escalating and (conflicting) “class relationships” within capitalism.
Alongside this appeared other tendencies such as anarchism, revolutionary syndicalism, social-democracy, Marxism–Leninism and (democratic socialism) as well as the confluence of socialism with (anti-imperialist and anti-racist) struggles around the world.
The socialist movement came to be the most influential worldwide movement and political-economic worldview of the 20th century.
Today, (socialist parties) and ideas remain a political force with varying degrees of power and influence in all continents leading national governments in many countries. (Source, Wikipedia).
Which of course is good if you buy into the premise that life, liberty and the pursuit of happiness have no value.
In closing, please remember…
“Liberalism is a mental disorder, Conservatism is the cure.”
Truth forges understanding, I’ll be back tomorrow