Socialism is an economic system in which the means of production are held together between members and the independent management of workers, as well as the theories and political movements associated with them.


Socialism according to some experts:

1. Louis Blanc
Louis Blanc argues that Socialism is an economic system where everyone gets a job and each person is paid a salary equal to their own work.

2. Karl Marx
While Karl Marx said that Socialism is not only a system, but also a process to achieve a more extreme system, namely Communism.


The Characteristics of Socialism

There are several of these characteristics of socialism, namely:

  • Private property will be replaced by joint ownership.
  • Political and economic power will be owned by the state.
  • High taxes will be applied and companies will be controlled by the state.
  • Humans will live together in kinship ties and people will work only to produce the goods needed not to earn a living.


Also Read Other Economic Systems:


Market Economy

Supply and Demand

Traditional Economy

Mixed Economy

Planned Economy

Gift Economy

Barter Economy


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