Philosophy advocating collective or governmental ownership and administration of the means of production and distribution of goods.

Features of Socialism:

  1. Group living in which there is no private property.
  2. Means of production are owned and controlled by the state.

Early Socialism

Advocated the need for non-coercive communities of people working non-competitively for the spiritual and physical well-being of all. Advocates : Charles Fourier, Henri de Saint-Simon and Robert Owen.

Later Stage – Scientific Socialism = Communism

According to Karl Marx and Friedrich Engels, socialism is a transition state between capitalism and communism.

Socialist Countries – Examples

Centralized socialism : Soviet Union.

Non-communist socialism : Sweden and Denmark