What Is Socialism Essay

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Socialism can be defined as an economy wherein all the resources and the means of production of the economy are owned by the community as a whole and there is an equitable distribution of the goods and the wealth. According to Socialism, people of the economy do not live or work in isolation, but they live as a whole in cooperation. In a Socialist form of system, the goods and services are provided through a central system of government ownership and not private ownership. Everything that is being produced by the people in a Socialist system is a social product and, hence, every individual who contributes in the production of goods is entitled to a share of it. Therefore, based on how much a person has contributed in the society, everyone receives …show more content…

It can be referred to as a response to the dreadful working conditions and dire poverty in the industrialized parts of Europe in the early 19th century. Although, Socialism has existed in various forms from the beginning of the times; for instance, Plato in his Republic, depicted a society wherein every individual shared all his goods with others, including his spouse and children. A simple form of Socialism can also be seen in the early Christian communities where labour and goods were shared by all. Hence, it can be said that Socialism as an ideology came into being much later and the basic concept of Socialism had always been a part of the world. Socialism is said to be developed in opposition to capitalism and abuses to liberal individualism during the 18th and 19th centuries. The term ‘socialists’ was coined only in 1830 to describe the radical critics of industrial capitalism, and, some of these radicals acquired the title of ‘Utopian Socialists’. Utopian Socialism, usually referred to as Early Socialism, came into being even before Karl Marx and Friedrich Engels’s Communist Manefesto (1848) which later became the defining vision of Socialist thought. Utopian Socialists earlier attempted to transform capitalism into a more egalitarian system so as to bring about proper and collective well being; they held other values to be more …show more content…

Lenin was the leader of the Bolshevik or the “majority” faction of the ‘Russian Social Democratic Party’. Lenin had played a major role in the establishment of the USSR. The Union of Soviet Socialist Republic (USSR) came into being after the Socialist Revolution in Russia in 1917, which was led by Lenin. The revolution was inspired by the ideals of Socialism, as opposed to Capitalism, and the need for an egalitarian society. This revolution was one of the biggest attempts in human history to remove the institution of Private Property, led by the Provisional Government, and establish a society based on the principles of equality. In doing so, the makers of the Soviet Union gave importance to the state and the institution of the party. The Soviet political system centered on the Communist party, and no other political party or opposition was allowed. The economy was planned and controlled by the state. This group of countries, including the East European countries that the Soviet armies had liberated from the fascist forces and came under the USSR, was called the ‘Socialist Block’. After the Second World War, the Soviet Union became a great power; it had complex communication networks, vast energy resources, and an efficient transportation system. The Soviet Economy was then more developed than that

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