Socialism

Socialism refers to a broad set of economic theories of social organization advocating state or collective ownership and administration of the means of production and distribution of goods, and a society characterized by equal opportunities for all individuals with a fair or egalitarian method of compensation. Modern socialism originated in the late nineteenth-century working class political movement and the intellectual movement of that period which criticized the effects of industrialization and private ownership on society. Karl Marx posited that socialism would be achieved via class struggle and a proletarian revolution and would represent the transitional stage between capitalism and communism.

The first socialists predicted a world improved by harnessing technology and combining it with better social organization, and many modern socialists share this belief , although modern socialists have a bigger emphasis on egalitarianism whereas traditional socialists favored meritocracy. Socialists mainly share the belief that capitalism unfairly concentrates power and wealth among a small segment of society that controls capital, creates an unequal society and does not provide equal opportunities for everyone in society to attain such status. Therefore socialists advocate the creation of a society in which wealth and power are distributed more evenly based on the amount of work expended,although there is considerable disagreement among socialists over how, and to what extent this could be achieved.

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