write a brief essay on socialism
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Explanation:
According to the Oxford Dictionary of Sociology (1994), ‘an economic and political system based on collective or state ownership of the means of production and distribution is known as socialism’. This approach has its roots in the writings of Karl Marx and Friedrich Engels. These thinkers were disturbed by the exploitation of the working class as it emerged during the industrial revolution. In their view, capitalism forced large numbers of people to exchange their labour for wages.
The owners of an industry pay workers less than the value of the goods they produced. They pocket the difference between the value of the labour and the value of the product—surplus value as Marx called it. Marx was struck by the inequalities the capitalist system creates.
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A socialist economic system represents an attempt to eliminate such economic inequalities and exploitation. The goals of socialist system include destroying the class system and thereby ending the exploitation, oppression and alienation of workers, replacing greed and the profit motive with concern for collective well-being.
Socialism differs from capitalism in a sense that the means of production and distribution in a society are collectively rather than privately owned. The basic objective of the socialist system is to meet people’s needs rather than to maximize profits.
Socialism also differs from capitalism in that it is not controlled by the market—it has a planned economy. The government controls what will be produced and consumed. It sets prices for goods, decides what goods the society needs, and what would be the luxuries.
Thus, there is no free market. Socialists reject the laissez-faire philosophy that free competition benefits the general public. As a result, social life would be regulated democratically in ways that put human needs first and make more efficient and effective use of human and other resources.