Socialism
Socialism is an economic system characterised by social ownership of the means of production and co-operative management of the economy, and a political philosophy advocating such a system. "Social ownership" may refer to cooperative enterprises, common ownership, state ownership, or citizen ownership of equity. There are many varieties of socialism and there is no single definition encapsulating all of them. They differ in the type of social ownership they advocate, the degree to which they rely on markets or planning, how management is to be organised within productive institutions, and the role of the state in constructing socialism.
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Famous quotes containing the word socialism:
“There’s no such thing as socialism pure
Except as an abstraction of the mind.
There’s only democratic socialism,
Monarchic socialism, oligarchic
The last being what they seem to have in Russia.”
—Robert Frost (1874–1963)
“If Socialism can only be realized when the intellectual development of all the people permits it, then we shall not see Socialism for at least five hundred years.”
—Vladimir Ilyich Lenin (1870–1924)
“Successful socialism depends on the perfectibility of man. Unless all, or nearly all, men are high-minded and clear-sighted, it is bound to be a rotten failure in any but a physical sense. Even through it is altruism, socialism means materialism. You can guarantee the things of the body to every one, but you cannot guarantee the things of the spirit to every one; you can guarantee only that the opportunity to seek them shall not be denied to any one who chooses to seek them.”
—Katharine Fullerton Gerould (1879–1944)