Theory of the social nature or aspects of production and of its consequences.

Socialism is characterized by enormous variety. It generally involves the argument that economic production has an essential social as distinct from individual element, and that this requires public investment and justifies a public share in and distribution of rewards.

David Miller et al., eds, The Blackwell Encyclopaedia of Political Thought (Oxford, 1987)

Socialism is a political, social and economic philosophy encompassing a range of economic and social systems characterised by social ownership[1][2][3] of the means of production.[4][5][6][7][8][9] It includes the political theories and movements associated with such systems.[10] Social ownership can be public, collective, cooperative, or of equity.[11] While no single definition encapsulates many types of socialism,[12] social ownership is the one common element.[1][13][14] Socialists disagree about the degree to which social control or regulation of the economy is necessary, how far society should intervene and whether government, particularly existing government, is the correct vehicle for change.[15]

Socialist systems are divided into non-market and market forms.[16] Non-market socialism substitutes factor markets and money with integrated economic planning and engineering or technical criteria based on calculation performed in-kind, thereby producing a different economic mechanism that functions according to different economic laws and dynamics than those of capitalism.[17][18][19][20] A non-market socialist system eliminates the inefficiencies and crises traditionally associated with capital accumulation and the profit system in capitalism.[21][22][23][24] The socialist calculation debate, originated by the economic calculation problem,[25][26] concerns the feasibility and methods of resource allocation for a planned socialist system.[27][28][29] By contrast, market socialism retains the use of monetary prices, factor markets and in some cases the profit motive, with respect to the operation of socially owned enterprises and the allocation of capital goods between them. Profits generated by these firms would be controlled directly by the workforce of each firm or accrue to society at large in the form of a social dividend.[30][31][32] Anarchism and libertarian socialism oppose the use of the state as a means to establish socialism, favouring decentralisation above all, whether to establish non-market socialism or market socialism.[33][34]

Socialist politics has been both internationalist and nationalist in orientation; organised through political parties and opposed to party politics; at times overlapping with trade unions and at other times independent and critical of them; and present in both industrialised and developing nations.[35] Social democracy originated within the socialist movement,[36] supporting economic and social interventions to promote social justice.[37][38] While retaining socialism as a long-term goal,[39][40][41][42][43] since the post-war period it has come to embrace a Keynesian mixed economy within a predominantly developed capitalist market economy and liberal democratic polity that expands state intervention to include income redistribution, regulation and a welfare state.[44] Economic democracy proposes a sort of market socialism, with more democratic control of companies, currencies, investments and natural resources.[45]

The socialist political movement includes a set of political philosophies that originated in the revolutionary movements of the mid-to-late 18th century and out of concern for the social problems that were associated with capitalism.[12] By the late 19th century, after the work of Karl Marx and his collaborator Friedrich Engels, socialism had come to signify opposition to capitalism and advocacy for a post-capitalist system based on some form of social ownership of the means of production.[46][47] By the 1920s, communism and social democracy had become the two dominant political tendencies within the international socialist movement,[48] with socialism itself becoming the most influential secular movement of the 20th century.[49] Socialist parties and ideas remain a political force with varying degrees of power and influence on all continents, heading national governments in many countries around the world. Today, many socialists have also adopted the causes of other social movements such as environmentalism, feminism and progressivism.[50]

While the emergence of the Soviet Union as the world’s first nominally socialist state led to socialism’s widespread association with the Soviet economic model, some economists and intellectuals argued that in practice the model functioned as a form of state capitalism[51][52][53] or a non-planned administrative or command economy.[54][55] Academics, political commentators and other scholars sometimes refer to Western Bloc countries which have been democratically governed by socialist parties such as Britain, France, Sweden and Western social-democracies in general as democratic socialist.

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