Socialism
Socialism is an economic system characterised by social ownership of the means of production and co-operative management of the economy, and a political philosophy advocating such a system. "Social ownership" may refer to cooperative enterprises, common ownership, state ownership, or citizen ownership of equity. There are many varieties of socialism and there is no single definition encapsulating all of them. They differ in the type of social ownership they advocate, the degree to which they rely on markets or planning, how management is to be organised within productive institutions, and the role of the state in constructing socialism.
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Famous quotes containing the word socialism:
“As with the Christian religion, the worst advertisement for Socialism is its adherents.”
—George Orwell (1903–1950)
“Without freedom, no art; art lives only on the restraints it imposes on itself, and dies of all others. But without freedom, no socialism either, except the socialism of the gallows.”
—Albert Camus (1913–1960)
“This socialism will develop in all its phases until it reaches its own extremes and absurdities. Then once again a cry of denial will break from the titanic chest of the revolutionary minority and again a mortal struggle will begin, in which socialism will play the role of contemporary conservatism and will be overwhelmed in the subsequent revolution, as yet unknown to us.”
—Alexander Herzen (1812–1870)