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Socialism is an economic and political system in which the means of production (such as factories, resources, and industries) are collectively owned and managed by the public or the state, rather than by private individuals or corporations. The primary aim of socialism is to reduce economic inequality by distributing wealth more equitably across society, ensuring that basic needs like healthcare, education, and housing are universally accessible.
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The roots of socialism trace back to the early 19th century as a response to the inequalities and hardships caused by the Industrial Revolution. Some key milestones include:
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The most influential socialist theory came from Karl Marx and Friedrich Engels with their Communist Manifesto (1848). They argued that capitalism creates class struggles between the bourgeoisie (capital owners) and the proletariat (workers), and predicted that the working class would eventually rise up, abolish capitalism, and establish a classless, stateless society.
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While pure socialism as envisioned by Marx has not fully materialized, many countries have adopted socialist policies or ideologies to various degrees. Some examples of socialist or formerly socialist states include
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In simple terms, communism and socialism are both about sharing resources to reduce inequality, but they differ in how far they go.
Key Differences:
- Socialism: Still allows for personal property and can work within a democracy.
- Communism: Aims for a classless society where everything is owned collectively, with no private property.
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