Define socialism. Explain various types of socialism.
Answers
Socialism is a political, social, and economic philosophy encompassing a range of economic and social systems characterised by social ownership of the means of production and democratic control, such as workers' self-management of enterprises.It includes the political theories and movements associated with such systems.Social ownership can be public, collective, cooperative, or of equity. While no single definition encapsulates the many types of socialism, social ownership is the one common element. The types of socialism vary based on the role of markets and planning in resource allocation, on the structure of management in organizations, and from below or from above approaches, with some socialists favouring a party, state, or technocratic-driven approach. Socialists disagree on whether government, particularly existing government, is the correct vehicle for change.
Answer:
Socialism is a system in which every person in the community has an equal share of the various elements of production, distribution, and exchange of resources. Such a form of ownership is granted through a democratic system of governance. Socialism has also been demonstrated through a cooperative system in which each member of the society owns a share of communal resources.
Types of Socialism
Many forms of socialism exist around the world, and they all differ when it comes to ideas on how best to incorporate capitalism into a socialistic structure. In addition, the different forms of socialism emphasize the diverse aspects of social democracy. Here are some of the types of socialistic systems:
1. Democratic socialism
In democratic socialism, factors of production are under the management of an elected administration. Vital goods and services such as energy, housing, and transit are distributed through centralized planning, while a free market system is used to distribute consumer products.
2. Revolutionary socialism
The running philosophy of revolutionary socialism is that a socialistic system can’t emerge while capitalism is still in play. Revolutionaries believe that the road to a purely socialistic system requires a lot of struggle. In such a system, the factors of production are owned and run by workers through a well-developed and centralized structure.
3. Libertarian socialism
Libertarian socialism works on the assumption that people are always rational, self-determining, and autonomous. If capitalism is taken away, people naturally turn to a socialistic system because it is able to meet their needs.
4. Market socialism
Under market socialism, the production process is under the control of ordinary workers. The workers decide how resources should be distributed. The workers sell off what is in excess or give it out to members of the society, who then distribute resources based on a free market system.
5. Green socialism
Green socialism is protective of natural resources. Large corporations in a green socialistic society are owned and run by the public. In addition, green socialism promotes the development and use of public transit, as well as the processing and sale of locally grown food. The production process is focused on ensuring that every member of the community has enough access to basic goods. Moreover, the public is guaranteed a sustainable wage.