Socialism and Karl Marx

832 Words3 Pages

Socialism refers to a system in which production and distribution of goods and services is a shared responsibility of a group of people. Karl Marx developed the theories of socialism. He believed that socialism is the transitional period between capitalism and communism. In a state of socialism, there is no privately owned property. Under Capitalism, manufacturing enterprises dominate the economy but are privately owned and is operated to generate wealth for the owners and only a small fraction of the money is paid to the workers. In socialism, this is turned around so that the class that produces the wealth can together decide how the wealth will be used for the benefit of all. In short, socialism prioritizes human needs and eliminates the profit that drives war, ecological destruction, and inequalities based on gender, race, nationality and sexuality. Socialism provides equal opportunities to all of the working class. In other words, socialism sees a persons work as a contribution to the great social good. This system tries to even out the great difference between the wages among different classes. One of the basic principles of socialism is that of public ownership and natural resources. If everyone works, everyone will gather the same benefits and prosper equally. Therefore everyone earns equally and receive medical care and other necessities. The idea of socialism is that all individuals should have access to basic articles of consumption and
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