WORLD HISTORY

Detailed explanation-1: -Socialism is a political philosophy and movement encompassing a wide range of economic and social systems which are characterised by social ownership of the means of production, as opposed to private ownership.

Detailed explanation-2: -Socialism is a populist economic and political system based on collective, common, or public ownership of the means of production. Those means of production include the machinery, tools, and factories used to produce goods that aim to directly satisfy human needs.

Detailed explanation-3: -Communism is an ideology that advocates a classless system in which the means of production are owned communally. Karl Marx’s Marxian economics focuses on the role of labor in the development of an economy, critiquing capitalism and the theories of classical economists.

Detailed explanation-4: -In the other, socialism, the state owns the means of production, and state-owned enterprises seek to maximize social good rather than profits.

Detailed explanation-5: -Socialism, for Marx, is a society which permits the actualization of man’s essence, by overcoming his alienation. It is nothing less than creating the conditions for the truly free, rational, active and independent man; it is the fulfillment of the prophetic aim: the destruction of the idols.