Socialism As A Political And Economic Theory Of Social Organization

Slide 1: What is Socialism?

Socialism is a political and economic theory of social organization that advocates that the factors of production should be owned or regulated by the community as a whole. The organization calls for public, rather than private ownership of property, and individuals live in cooperation with one another. Everyone who contributes towards a good or service, is entitled to a “share”. Therefore, society must own or control property for the benefit of all its members. Socialism is in opposition of capitalism ― the private ownership of the means of production, which allows individuals in a free market to determine how goods and services are distributed. Socialists complained that capitalism led to “unfair and exploitive”concentrations of wealth and power in the hands of only a few individuals. After observing this so called “flaw” in capitalism, socialists decided to change this by establishing a new political theory. Socialism evolved as a political ideology in the nineteenth century as a reaction to industrial injustice, labor exploitation, and unemployment in Europe

Slide 2: The Rise of Socialism

This then led to wealth remaining in the hands of only a few individuals. Influenced by the ideas of Adam Smith, Marx believed that labor was the generator of wealth, and concluded that industrial capitalists made wealth by exploiting industrial labor. That is when he advocated a proletariat revolution, leading to the collective ownership of property and capital. As seen in the picture, the proletariat or working class, rose up to the injustice by supporting the new political structure of