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

The Urban Dictionary Mug

Lotsa space for your liquids.

Buy the mug

The Urban Dictionary Mug

Lotsa space for your liquids.

Buy the mug

The Urban Dictionary Mug

Your favorite word on a white mug.

Create a mug

The Urban Dictionary Mug

One side has the word, one side has the definition. Microwave and dishwasher safe. Lotsa space for your liquids.

Buy the mug

The Urban Dictionary T-Shirt

Soft and offensive. Just like you.

Buy the t-shirt

The Urban Dictionary T-Shirt

Smooth, soft, slim fit American Apparel shirt. Custom printed. 100% fine jersey cotton, except for heather grey (90% cotton).

Buy the t-shirt
An ornate tool of individual identity erosion; a device that defies all moral conceptions and standards. In particular, our unique qualities, work ethic and personality are key to stable notions of humanity. With the loss of any of these, our humanity is called into question, leading to the devastating possbiility of everything we know of ourselves.
And the loss of self, courtesy of socialism, allowed for the exploitation of citizens in the inept utopia of 1984.
by Anonymous4982 February 09, 2007

The Urban Dictionary Mug

Lotsa space for your liquids.

Buy the mug

The Urban Dictionary Mug

Lotsa space for your liquids.

Buy the mug

The Urban Dictionary Mug

Your favorite word on a white mug.

Create a mug

The Urban Dictionary Mug

One side has the word, one side has the definition. Microwave and dishwasher safe. Lotsa space for your liquids.

Buy the mug

The Urban Dictionary T-Shirt

Soft and offensive. Just like you.

Buy the t-shirt

The Urban Dictionary T-Shirt

Smooth, soft, slim fit American Apparel shirt. Custom printed. 100% fine jersey cotton, except for heather grey (90% cotton).

Buy the t-shirt
System where all economic groups all live equally in poverty.Except for the super rich.
FUCK socialism it's retarded and evil and so are you if you don't understand what it really is,evil.
by Common Sense Man October 10, 2005

The Urban Dictionary Mug

Lotsa space for your liquids.

Buy the mug

The Urban Dictionary Mug

Lotsa space for your liquids.

Buy the mug

The Urban Dictionary Mug

Your favorite word on a white mug.

Create a mug

The Urban Dictionary Mug

One side has the word, one side has the definition. Microwave and dishwasher safe. Lotsa space for your liquids.

Buy the mug

The Urban Dictionary T-Shirt

Soft and offensive. Just like you.

Buy the t-shirt

The Urban Dictionary T-Shirt

Smooth, soft, slim fit American Apparel shirt. Custom printed. 100% fine jersey cotton, except for heather grey (90% cotton).

Buy the t-shirt
Direct ownership of all good by the elite few.
I remember when there was prosperity with Capitalism but now I get taxed at %90 and have to ask the Goverment if it's ok to wipe my ass.
by Anonymous October 24, 2002

The Urban Dictionary Mug

Lotsa space for your liquids.

Buy the mug

The Urban Dictionary Mug

Lotsa space for your liquids.

Buy the mug

The Urban Dictionary Mug

Your favorite word on a white mug.

Create a mug

The Urban Dictionary Mug

One side has the word, one side has the definition. Microwave and dishwasher safe. Lotsa space for your liquids.

Buy the mug

The Urban Dictionary T-Shirt

Soft and offensive. Just like you.

Buy the t-shirt

The Urban Dictionary T-Shirt

Smooth, soft, slim fit American Apparel shirt. Custom printed. 100% fine jersey cotton, except for heather grey (90% cotton).

Buy the t-shirt
An economic system in which the government controls everything and provides everyone with everything they need. In theory it works, but in practice... it fails. And here are 6 reasons why:

1. If The Government controls the economy then they control your life

2. When the government run's something, it becomes inefficient & corrupt

3. If one guy works hard, and the other is lazy they get payed the same

4. Why would a doctor got to medical school to get payed the same as a janitor at "Government Burger"

5. Socialism has failed before (USSR) and it won't work now

6. Since there is no incentive to succeed, this means it will take years for technology to advance
Socialism has failed numerous times in the past... why would anyone want it again?
by TheRationalCapitialist January 29, 2011

The Urban Dictionary Mug

Lotsa space for your liquids.

Buy the mug

The Urban Dictionary Mug

Lotsa space for your liquids.

Buy the mug

The Urban Dictionary Mug

Your favorite word on a white mug.

Create a mug

The Urban Dictionary Mug

One side has the word, one side has the definition. Microwave and dishwasher safe. Lotsa space for your liquids.

Buy the mug

The Urban Dictionary T-Shirt

Soft and offensive. Just like you.

Buy the t-shirt

The Urban Dictionary T-Shirt

Smooth, soft, slim fit American Apparel shirt. Custom printed. 100% fine jersey cotton, except for heather grey (90% cotton).

Buy the t-shirt
It's essentialy watered down Communism (but only a tiny bit), however Communist/Socialist advocates would have you believe otherwise.

The basic idea behind Socialism is zero respect for people. Socialists don't care for people and that's why the political system that they advocate doesn't either.

That means no liberty for you!
Q: Why are those people are always treating people like shit?
A: Because they are Socialists!

Take the 'social' out of Socialism, it's really ANTI-SOCIAL
by Bobby Baker December 10, 2007

The Urban Dictionary Mug

Lotsa space for your liquids.

Buy the mug

The Urban Dictionary Mug

Lotsa space for your liquids.

Buy the mug

The Urban Dictionary Mug

Your favorite word on a white mug.

Create a mug

The Urban Dictionary Mug

One side has the word, one side has the definition. Microwave and dishwasher safe. Lotsa space for your liquids.

Buy the mug

The Urban Dictionary T-Shirt

Soft and offensive. Just like you.

Buy the t-shirt

The Urban Dictionary T-Shirt

Smooth, soft, slim fit American Apparel shirt. Custom printed. 100% fine jersey cotton, except for heather grey (90% cotton).

Buy the t-shirt
A political and economic system that has been completely and utterly discredited (most notably by the emininent Austrian economist Ludwig von Mises.)

Sadly, many people, being generally ignorant of the laws of economics, are unable to come to terms with the fact that socialism, unlike free-market capitalism, is economically incapable of generating wealth and thus can only ever impoverish any existing society when implemented.

Many people are also of the opinion that socialism, while a good idea on paper, can never work in reality purely because of human selfishness, and not because of the afore-stated economic reason. These people are quite possibly the biggest culprits when it comes to holding back human social development, as they persist in blinding countless people to socialism's true shortcomings. (American colleges, for example, are hotbeds of left-wing propaganda.)

Ardent supporters of socialism are usually bitter, twisted individuals who hate life and everything it stands for. They often have an insatiable God-complex and, remaining deliberately blind to the existence of genuine altruism and compassion, wish to destroy humanity as it exists and remodel it in their own image.
Tell your kids to say "No" to socialism.
by UltraBeans February 07, 2007

The Urban Dictionary Mug

Lotsa space for your liquids.

Buy the mug

The Urban Dictionary Mug

Lotsa space for your liquids.

Buy the mug

The Urban Dictionary Mug

Your favorite word on a white mug.

Create a mug

The Urban Dictionary Mug

One side has the word, one side has the definition. Microwave and dishwasher safe. Lotsa space for your liquids.

Buy the mug

The Urban Dictionary T-Shirt

Soft and offensive. Just like you.

Buy the t-shirt

The Urban Dictionary T-Shirt

Smooth, soft, slim fit American Apparel shirt. Custom printed. 100% fine jersey cotton, except for heather grey (90% cotton).

Buy the t-shirt
1. An early-19th century fairy-tale that describes a society where government is able to mobilize various proportions of the economy to work as efficiently motivated by the mystical concept entitled the "public good" as they work in the real world motivated by the evolutionary principle of personal gain. In later versions, various merits and reprimands attempt to bridge the gap, but turn out to cost more than they help as they do not address the gap at the government level.
2. A form of feudalism where bureaucracies and/or cartels providing certain services deemed "essential" receive economic favoritism rather than aristocrats or clergy, reinforced by the faith that they are "irreplaceableā€.
3. A form of collectivism where government decides what is to be collectively produced/ distributed. Can occur in liberal democracy, in which case the ineffectiveness of motivation leads to shortages, and the takeover of too many markets can produce complete economic collapse, which is occurring in most of the Western world. Can occur in brutal totalitarianism, in which the shortages are temporarily offset by finding a scapegoat demographic stigmatized as not carrying its weight and forced into slave labor to produce but not consume. Examples are Eugenic Socialism in which scapegoats are chosen based on ethnicity (i.e. Hitler's Germany) and Class Socialism in which they are accused of Capitalist tendencies for opposition to the system (i.e. Stalin's USSR, Mao's China).
Money isn't worth anything because everyone is paid the same no matter what they do and whether or not they work at all. Nothing is produced so there is nothing to buy. Why work?
Because you have faith in Socialism.
by EngineerofSouls June 29, 2010

The Urban Dictionary Mug

Lotsa space for your liquids.

Buy the mug

The Urban Dictionary Mug

Lotsa space for your liquids.

Buy the mug

The Urban Dictionary Mug

Your favorite word on a white mug.

Create a mug

The Urban Dictionary Mug

One side has the word, one side has the definition. Microwave and dishwasher safe. Lotsa space for your liquids.

Buy the mug

The Urban Dictionary T-Shirt

Soft and offensive. Just like you.

Buy the t-shirt

The Urban Dictionary T-Shirt

Smooth, soft, slim fit American Apparel shirt. Custom printed. 100% fine jersey cotton, except for heather grey (90% cotton).

Buy the t-shirt