socialism

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Socialism

An economic system in which the state or the people generally own most or all of the means of production. That is, under socialism, industries, agriculture and corporations are nationalized. The government may also manage the nationalized companies, or they may delegate this to a private company. Most socialist systems, however, allow some degree of private enterprise. Because it favors a strong role for the state, socialism should not be confused with Marxism, which holds that the state will eventually disappear.

socialism

a political doctrine that emphasizes the collective ownership of the means of production, ascribing a large role to the state in the running of the economy, with widespread public ownership (NATIONALIZATION) of key industries, although it allows limited scope to market forces. MARX regarded socialism as a transitional stage between the end of a PRIVATE-ENTERPRISE system and the beginnings of COMMUNISM. In practice, the revolutionary, communist form of socialism, which involves abolition of all private property, is limited to only a few countries, such as Cuba. Elsewhere, the main form of economic system is that of the MIXED ECONOMY, which combines elements of democratic socialism and the private-enterprise tradition. See CENTRALLY PLANNED ECONOMY.
References in classic literature ?
And on its part, German Socialism recognised, more and more, its own calling as the bombastic representative of the petty- bourgeois Philistine.
This form of Socialism has, moreover, been worked out into complete systems.
The bourgeoisie naturally conceives the world in which it is supreme to be the best; and bourgeois Socialism develops this comfortable conception into various more or less complete systems.
A second and more practical, but less systematic, form of this Socialism sought to depreciate every revolutionary movement in the eyes of the working class, by showing that no mere political reform, but only a change in the material conditions of existence, in economic relations, could be of any advantage to them.
Bourgeois Socialism attains adequate expression, when, and only when, it becomes a mere figure of speech.
This is the last word and the only seriously meant word of bourgeois Socialism.
The significance of Critical-Utopian Socialism and Communism bears an inverse relation to historical development.
Just as there was "Arab socialism", there was also "African socialism" and various other socialisms in Asia and Latin America--that is, in all the parts of the so-called "global south", most of which won independence from European colonialism in the decades after World War Two.
What follows is a brief spectroscopic analysis of our varied modern socialisms.
But before the decade of the 1980s came to a close, it became clear that the emerging system was not recognizable as any kind of socialism. Even those most permissive in the use of that honorific term, even those prepared to recognize a plurality of socialisms based on different national contexts, began to see that the reforms in China were not headed toward socialism at all.
Instead we need Marxisms and socialisms remade from the standpoint of all working class people, women, third world people.