Socialism Definition Philosophy Basics

Socialism is an economic philosophy based on the need for regulations on capitalism. Socialism is a socio economic system in which property and the distribution of wealth are subject to control by the workers either directly through popular collectives such as workers councils or indirectly exercised on behalf of the people by the state and in which egalitarianism or equality is an important goal. Unchecked capitalism most economists agree can create serious problems in the long term since short term personal profit does not motivate companies to take care of infrastructure the environment or their workers.

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A socialist economy features social rather than private ownership of the means of production.

Socialism definition philosophy basics. Socialism is a rich tradition of political thought and practice the history of which contains a vast number of views and theories often differing in many of their conceptual empirical and normative commitments. Socialism is both an economic system and an ideology in the non pejorative sense of that term.

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