Published on September 1, 2020



What is Socialism?

Socialism is a political, economical and social system which states ” government ownership of the means of production”. This system was evolved in the twentieth venture for the equal distribution of the wealth among the countrymen. Socialism mostly depends on centralized planning, ” the forceful substitution of governmental plans for individual plans“. The society has to obey government planning. Two common events in socialism are,

  • The government take over all most all the private ownership companies and land.
  • The government tend to destroy any sort of capitalism.

Salient Features of Socialism

1.Government Ownership: In this kind of system the government own all the companies like public works departments, police, firefighters, garbage collection, schools, electric, natural gas, and water utilities, transportation services and land and so on.

2. Centralized Economic Planning: The socialist government needs to plan for society. Then countrymen have to obey the government decision in all circumstances.

3. No Democracy: In a socialist country, people cannot choose their government and the head of the nation has the ultimate power to take all the decision regarding society.

4. Welfare Programs and Subsidies: The government-run many welfare programmes for the people and the subsidies are given to the poor to alleviate poverty and enhance quality.

5.“Progressive” Income tax: Government imposes a heavy tax on the rich people. In that way, the state tries to punish the capitalist and high wage earners.

6. Minimum Wage Law: Both old and novice employees get minimum fix wage in socialist countries.

Types of Socialism

  1. Utopian socialism: It is imaginary socialism which follow the ideal condition of the perfect socialistic society where the people voluntarily follows all the plans for the society.
  2. Marxism: This kind of socialism follows the thoughts of Karl Marx of common ownership.
  3. Democratic socialism: Here the economy is owned by the socialist leader and emphasis on workers’ self-management and democratic control of economic institutions.
  4. Liberal socialism: It is similar to modern social democracy prevailed in India.
  5. Religious socialism: It is based on religious values where society is ruled by particular religious beliefs.
  6. Regional socialism: Certain regions like Arab and Irish republican follow the traditional secular ideology of ruling since the past centuries.

Related Articles

What is the Socialist Economy?

Fundamental Of Economics and Economy

Human Development Index (HDI)

Salient Features of Indian Economy

Vicious Circle of Poverty

Purchasing Power Parity

What is the Socialist Economy?

What is Capitalism?

Social Media Links:



Home | About | Exams | Blog | Privacy | Disclaimer | Terms and Conditions | Contact