Socialism

Socialism is a political, social, and economic philosophy encompassing a range of economic and social systems characterized by social ownership of the means of production and democratic control, such as workers' self-management of enterprises. It includes the political theories and movements associated with such systems. Social ownership can be public, collective, cooperative, or of equity While no single definition encapsulates the many types of socialism, social ownership is the one common element. The socialist political movement includes a set of political philosophies that originated in the revolutionary movements of the mid-to-late 18th century and out of concern for the social problems that were associated with capitalism. By the late 19th century, after the work of Karl Marx and his collaborator Friedrich Engels, socialism had come to signify opposition to capitalism and advocacy for a post-capitalist system based on some form of social ownership of the means of production.

Learn more on Wikipedia