Socialism

Socialism is a broad term that describes ideas about how a society organizes its economy. An economy is the system a society uses to produce and share goods and services. In socialist ideas, important resources are owned or controlled by the community as a whole, rather than by private individuals. These resources may include land, factories, energy systems, and transportation.

The basic idea of socialism developed during the late 18th and 19th centuries. This period followed the Industrial Revolution, when factories and machines changed how people worked. Many workers lived in cities and worked long hours for low pay. Some thinkers believed that private ownership of large industries caused strong differences between rich and poor. They suggested shared control as another way to organize society.

There are many different forms of socialism. In some versions, the government owns and manages major industries. In other versions, workers or local communities control workplaces together. This shared control is sometimes called collective ownership. Collective means owned by a group. Socialism does not describe one single system. It is a range of ideas that have changed over time and place.

Several important thinkers wrote about socialism. Karl Marx and Friedrich Engels were two writers who described a form of socialism in the 19th century. They believed that history was shaped by conflict between social classes, such as workers and owners. Their ideas later influenced political movements in many countries. Other thinkers supported different socialist ideas without agreeing with Marx.

Some countries have used socialist ideas in their governments. For example, during the 20th century, the Soviet Union described its system as socialist. Other countries combined socialist ideas with other systems, such as democracy. Democracy is a system where people vote to choose leaders. Because of this, socialism appears differently in different nations.

Socialism is often discussed together with other economic systems. Capitalism is a system where most property and businesses are privately owned. In real societies, systems are often mixed. This means they include parts of socialism and parts of capitalism. The meaning of socialism continues to be discussed in politics, history, and economics.