Political Dictionary
Socialism is a broad family of ideas favoring greater social or public control over economic resources.
Definition
Socialism includes many traditions that seek collective ownership, public ownership, worker control, or strong democratic regulation of major economic activity. Approaches range from revolutionary state socialism to democratic and market-oriented forms.
Why It Matters
It shapes debates over ownership, inequality, planning, welfare, labor power, and capitalism.
How It Works
Socialist systems or policies may use public enterprises, cooperatives, planning, redistribution, or social ownership.
History
Socialist ideas developed in the nineteenth century in response to industrial capitalism and class inequality.
Example
A socialist program may support public ownership of utilities or worker-managed firms.
Common Misconceptions
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