Socialism

a political and economic theory of social organization which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole.

"Pay according to work done" 

Outline of main ideas

• common ownership. This means the resources of the world being owned in common by the entire global population.
• Democratic control is therefore also essential to the meaning of socialism. Socialism will be a society in which everybody will have the right to participate in the social decisions that affect them. 
• Production under socialism would be directly and solely for use. This would entail an end to buying, selling and money. Instead, we would take freely what we had communally produced. 
• All work would be on a voluntary basis. The satisfaction that this would provide, along with the increased opportunity to shape working patterns and conditions, would bring about new attitudes to work.

Erich Fromm: Marx's Concept Of Socialism

Socialism, for Marx, is a society which permits the actualization of man's essence, by overcoming his alienation. It is nothing less than creating the conditions for the truly free, rational, active and independent man; it is the fulfillment of the prophetic aim: the destruction of the idols.

Under socialism all will govern in turn and will soon become accustomed to no one governing.

Three quotes from famous theorists /academics

Vladimir lenin

Socialism's not a word that I use. I say 'social democracy' because I don't think the government needs to own all the means of production.
 

DAVID CUNLIFFE

Advantages

1. Socialism attempts to establish an order that promotes equality. In modern societies, which are mostly capitalistic, equality is a utopia. 
2. Socialism requires public education. Educational institutions cannot choose their target audience and cannot charge heftily to attract rich parents 
3. Socialism aims for economic equality, by using minimum wage, food stamps and public housing to reduce absolute poverty

1. Communism is an extreme version of socialism
2. Socialism reduces the desire of the poorest people to work harder, get a higher education and innovate, since they are guaranteed a minimum standard of comfortable living
3. Higher taxes means it is much harder for entrepreneurs to start new companies and/or restrict existing companies from being very dynamic

disADVANTAGES

Jeremy Corbyn has recently been elected as the new leader of the British Labour Party. 

The role of the media
within the system

My opinion of socialism

Personally, I like the idea of economic equality that socialism promotes but I don't think it's realistic because of how capitalist we are at the moment. Also, I think that it could develop into communism very quickly. 

Images / video if possible

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