Socialism is an economic system, a political movement, and a social theory. Most socialists believe those national or local governments, rather than individuals, should own a nation's resources and control their use. Socialism calls for public ownership of land, factories, and other basic means of production. What Is Socialism?
➢ Socialism is an economic and political philosophy based on the idea that the benefits of economic activity (wealth) should be equally distributed throughout a society. ▪ Socialist nations can also be democracies, but still have centralized planning to achieve these aims. ▪ Socialists emphasize cooperation & social responsibility as ways to achieve a more equitable distribution of both income and opportunity. ❖ The Industrial Revolution
➢ The Industrial Revolution were the great social changes that swept western nations as they moved from and agricultural to an industrial economy. ▪ Socialism was developed out of the Industrial Revolution. ▪ Cities expanded rapidly during this time and large factories replaced smaller home-based industry. ➢ Karl Marx, “the father of modern day socialism.” ▪ The most significant critic of capitalism to emerge in the nineteenth century. ▪ Engels and he wrote The Communist Manifest, which was a political document that oppressed workers across Europe to free themselves from “capital enslavement” (referring to the Industrial Revolution). ➢ Socialists and Communists. ▪ A strong socialist movement took shape among European workers and thinkers during the middle and end of the nineteenth century. ▪ Communists were considered, those who argued that a socialist society could come only out of “violent and bloody revolution.” ❖ Characteristics of Socialist Economies
➢ Nationalization is one of the characteristics of economies. ▪ Nationalization is the process of placing enterprises under government control, often by...
Please join StudyMode to read the full document