What is socialism in simple terms?
Socialism is, broadly speaking, a political and economic system in which property and the means of production are owned in common, typically controlled by the state or government. Socialism is based on the idea that common or public ownership of resources and means of production leads to a more equal society.
Which countries are socialist?
Marxist–Leninist states
| Country | Since | Party |
|---|---|---|
| People’s Republic of China | 1 October 1949 | Communist Party of China |
| Republic of Cuba | 1 January 1959 | Communist Party of Cuba |
| Lao People’s Democratic Republic | 2 December 1975 | Lao People’s Revolutionary Party |
| Socialist Republic of Vietnam | 2 September 1945 | Communist Party of Vietnam |
How is socialism and Communism alike and different?
Socialism and communism are alike in that both are systems of production for use based on public ownership of the means of production and centralized planning. Socialism grows directly out of capitalism; it is the first form of the new society.
How does capitalism compare to socialism?
The basis of capitalism is the principal of individual rights , whereas socialism is based on the principle of equality. Capitalism encourages innovation and individual goals while Socialism promotes equality and fairness among society.
Is socialism the opposite of communism?
A communist would say that communism is no more the opposite of capitalism than capitalism was the opposite of feudalism. Capitalism is (by and large) an improvement over the systems that came before it, and the next stage of human development will (hopefully) be an improvement on capitalism.
Does socialism lead into communism?
Socialism Can Lead to Communism. Socialism is communism-lite. They believe in nationalizing some industries and or important societal functions but not all. Socialists will usually nationalize utilities, transportation, and large industries that tend to have labor problems. Here, the personalities involved matter a lot.