socialism
UK: ˈsəʊʃəlɪzəm | US: ˈsoʊʃəlɪzəm
n. a political and economic theory advocating collective or governmental ownership and administration of the means of production and distribution of goods
n. a system of society or group living in which there is no private property
n. a stage of society in Marxist theory transitional between capitalism and communism
The word "socialism" emerged in the early 19th century, derived from the French socialisme. It combines "social" (from Latin socius, meaning "companion" or "ally") with the suffix "-ism," which denotes a distinctive practice, system, or philosophy. The term originally described cooperative systems opposing individualism, later crystallizing into its modern political meaning through Marxist and utopian socialist movements. The morpheme "social" reflects the focus on collective welfare, while "-ism" frames it as an ideological movement.
Socialism advocates for equitable distribution of resources among all citizens.
Many European countries incorporate elements of socialism into their welfare systems.
Early utopian thinkers envisioned socialism as a peaceful transition to communal living.
Critics argue that socialism may discourage individual innovation.
The party’s manifesto emphasized democratic socialism as a path to social justice.