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:
“The socialism of our day has done good service in setting men to thinking how certain civilizing benefits, now only enjoyed by the opulent, can be enjoyed by all.”
—Ralph Waldo Emerson (1803–1882)
“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)
“If Socialism can only be realized when the intellectual development of all the people permits it, then we shall not see Socialism for at least five hundred years.”
—Vladimir Ilyich Lenin (1870–1924)