Meaning of Word
Socialism is a political and economic theory advocating for the ownership and control of the means of production, distribution, and exchange by the community as a whole, typically through the state, in order to promote equality and reduce social inequalities.
Definitions and Meaning in English
- A political and economic system in which the community or the state owns the means of production and distribution of goods and services.
- A system that emphasizes equality and aims to reduce income inequality and provide access to basic services for all people.
- A belief or ideology advocating for the collective or governmental control of key industries to ensure wealth and resources are distributed fairly among society.
History and Origin
The term socialism emerged in the early 19th century, during the industrial revolution, as a reaction against the inequalities of capitalism. It is derived from the Latin word socius, meaning “companion” or “ally.” The concept of socialism was first articulated by thinkers like Karl Marx and Friedrich Engels, who critiqued the capitalist system and proposed a socialist state where the workers controlled the means of production. Various forms of socialism have developed over time, ranging from democratic socialism to more authoritarian models.
Detailed Explanation
Socialism advocates for a society where wealth and power are distributed more equally, contrasting with capitalism, where resources are owned and controlled by private individuals or corporations. In a socialist system, the government often plays a central role in managing industries such as healthcare, education, and energy, ensuring that these services are accessible to all citizens regardless of income. Socialism aims to eliminate or reduce class distinctions and promote social welfare, with the ultimate goal of achieving a classless society. There are various types of socialism, including democratic socialism, which combines political democracy with social ownership, and revolutionary socialism, which seeks to radically restructure society.
Example Sentences
- The country adopted socialism to provide free healthcare and education to all its citizens.
- Many argue that socialism promotes equality, while others believe it stifles individual freedom.
- Under socialism, the government controls key industries to prevent monopolies and ensure fair access.
- The rise of socialism in the early 20th century was fueled by the widespread dissatisfaction with capitalism.
- Socialism advocates for the redistribution of wealth to reduce poverty and inequality.
- In his speech, the politician expressed support for socialism as a way to address economic disparities.
- The country’s transition to socialism led to the nationalization of many private businesses.
- Socialism promotes the idea that the state should ensure that all citizens have access to basic needs.
- Critics of socialism argue that it can lead to inefficiency and a lack of innovation.
Synonyms with Short Explanation
- Collectivism – A system where the community or state controls the production and distribution of goods.
- Communism – A more extreme form of socialism, advocating for the abolition of private property and the establishment of a classless society.
- Leftism – A political ideology that often supports socialism and the redistribution of wealth.
- Egalitarianism – The belief in or advocacy for equality in society, often associated with socialist principles.
- Progressivism – A political philosophy that advocates for social reforms, including elements of socialism.
Related Words with Short Explanation
- Capitalism – An economic system where the means of production are privately owned and operated for profit.
- Welfare state – A system in which the government provides basic services such as healthcare, education, and social security.
- Democracy – A form of government where power is vested in the people, often linked to democratic socialism.
- Marxism – A theoretical framework and political theory developed by Karl Marx, advocating for the overthrow of capitalism and the establishment of socialism.
- Social democracy – A political ideology that blends elements of socialism and democracy, supporting free markets alongside social welfare programs.
More Matches with Short Explanation
- Anarchism – A political philosophy advocating for the abolition of the state, often associated with socialist ideas.
- Utopian socialism – A type of socialism focused on creating ideal, harmonious societies.
- Revolutionary socialism – A form of socialism that advocates for a complete and immediate revolution to overthrow capitalism.
- State socialism – A form of socialism where the government controls most aspects of the economy, often through central planning.
- Eco-socialism – A political theory that combines aspects of socialism with the belief that the economy should be oriented toward sustainability and environmental protection.
Antonyms
- Capitalism
- Individualism
- Libertarianism
- Privatization
- Free market
