The Five Core Values Of Socialism

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The term socialist comes from the Latin word "sociare" which means to share. Socialism was born out of the concerns developed as a result of the Industrial revolution. As Liberal individualism and capitalism had failed to address issues of social inequality and poverty; Socialism was projected as an alternative way forward (Germov & Poole, 2015). Socialist in general prefer cooperation before competition. They believe in social equality and suggest that if material needs and personal developmental needs are satisfied this will assist in guaranteeing social stability, cohesion and ultimate freedom. (Heywood, 2017). The five core values of Socialism are community, cooperation, equality, class politics and common ownership (Heywood, 2017). They believe in moral incentives and not merely economic incentives. In addition, Socialist believe that formal equality in and of itself is insufficient to combat the structural inequality that society and the capitalist system have produced (Heywood, 2017). Inequality for a socialist is an inevitable curse that fosters competition and weakens solidarity (Bresser-Pereira, 2014).
Social democracy is a modern version of Socialism practised in for example in Scandinavia (Heywood, 2017). Social Democrats recognise that it is impossible to abolish Capitalism. Therefore, they promote a state that takes an active role in regulating the market and harnessing the detrimental effects of capitalism (Heywood, 2017). In addition, they proclaim that the

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