Socialism

Definition

Socialism is an economic system where the means of production - like factories, land, and resources - are owned and controlled by the community as a whole.

Related terms

Communism: An extreme form of socialism where all property is publicly owned and each person works according to their abilities but receives according to their needs.

Marxism: The political theory derived from Karl Marx advocating class war leading to a society in which all property is publicly owned.

Democratic Socialism: A political philosophy supporting political democracy within a socially owned economy.