An economic system based on public ownership of the means of production. The most overt examples of public or common ownership exist in strict communist societies. Small scale communes exist within which people own all physical assets commonly. Some communes even have common ownership of some clothing. Strict communism requires income equality, and is sometimes referred to as economic democracy.

Common ownership of the means of production implies that production is directed by 'society' rather than by entrepreneurs. Socialists tend to promote democratic government as the representative of society in directing production. Large scale production cannot be planned through direct democratic vote, and requires that bureaucrats and officials decide many issues in production.

Critics of socialism claim that socialism fails to match the performance of capitalism for three reasons. First the equalization of incomes eliminates the incentive to innovate and work hard. Second, bureaucrats and high officials do not posses the informational required to direct production in a complex society. Market prices are needed to solve the informational problems of directing production, and socialism will at best have pseudo-prices. The absence of financial markets is a major problem with socialism. Third, socialism tends to degenerate into oppressive dictatorship. The incentive, informational, and political problems of socialism are inescapable.

Many want socialism for ideological reasons. Egalitarian ethics drive the socialist movement. Marxists claim that capitalism is exploitative. Socialism is indefensible in terms of economic efficiency and natural rights ethics. Socialists envision a better world, but their dreams are unrealizable.
1. the USSR (Soviet socialism based on overt central planning)

2. Nazi Germany (national socialism based on comprehensive regulation)

3. Sweden in 1991 (before the backed off from the abyss)

4. England just before Thatcher (before the backed off from the abyss)
by evolutionary subjectivist September 24, 2007
a good idea but always poorly implimented.

see communism
by yomoma April 19, 2003
Why is everyone on this site bitching about liberals? This is urbandictionary, not super rich Beverly Hills dictionary....
Conservatives, whats funny is that the right wing in europe are actually remnents from the fascists.... here they are just people who want to set up a rascist theocracy. Much like how many hick towns in Georgia are run.
by Nigger McCoon October 13, 2003
When everyone pays for certain things like health-care. That way, ass holes who smoke or throw there life away dont have to pay fo it any more than any-one else.
France is where to go if you want to screw yourself and make others pay the consequences.
by Bob Hope III January 09, 2005
Probably one of the best, in theroy, political systems ever thought up. A mix beetween capitalism and communism (the good parts.) There is a limit (high and low) on how much you can earn, if used now with so many corperations about, the owner would make a normal wage while the rest of the profits goes to making quality products, charity, or giving higher wages to the working class.
Socialism = detruction of poverty, greed. Also leads to mass happyness.
by Anonymous June 07, 2003
Socialism is the same as Communism.
Communism is Socialism, Socialism is Communism.

Some people seem to believe they are different, but they are actually the same. I just don't care about either enough to differentiate between them.

Communism, social studies, socialites, communities, and communion are all very similar.
by Sum Yonguy November 10, 2005
1) Political science concerning itself with the equitable distribution of labor and income.

2) The wave of the future.
"Democratic Socialism will extend democracy from the political system to the economic system"
by Apocalycious March 03, 2003
1. Jesus was the ultimate socialist! Teaching Socialism.
2. He used the loaves and fishes as his example of God providing for the masses.
3. Therefore Socialism is best Honored as Gods domain only.
4. When The State has Domain over Socialism Pukey little paranoid tinhorn psycho dictators deliver Death to the Masses, Not loaves and Fishes
5. Stalin, Hitler, Pol Pot.
6. Seperation of Church and State, This is Gods Mandate not the States.
Stalin! Father Russia! Father of Socialism! Worked, froze and starved 20 million of his fellow countrymen to death in the mines of Northern Siberia.

LUKE 12: 22 - 34

22 Then Jesus said to his disciples: "Therefore I tell you, do not worry about your life, what you will eat; or about your body, what you will wear.
23 Life is more than food, and the body more than clothes.
24 Consider the ravens: They do not sow or reap, they have no storeroom or barn; yet God feeds them. And how much more valuable you are than birds!
25 Who of you by worrying can add a single hour to his Life?
26 Since you cannot do this very little thing, why do you worry about the rest?
27 "Consider how the lilies grow. They do not labor or spin. Yet I tell you, not even Solomon in all his splendor was dressed like one of these.
28 If that is how God clothes the grass of the field, which is here today, and tomorrow is thrown into the fire, how much more will he clothe you, O you of little faith!
29 And do not set your heart on what you will eat or drink; do not worry about it.
30 For the pagan world runs after all such things, and your Father knows that you need them.
31 But seek his kingdom, and these things will be given to you as well.
32 "Do not be afraid, little flock, for your Father has been pleased to give you the kingdom.
33 Sell your possessions and give to the poor. Provide purses for yourselves that will not wear out, a treasure in heaven that will not be exhausted, where no thief comes near and no moth destroys.
34 For where your treasure is, there your heart will be also.
by Peter N January 21, 2006

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