SOCIALISM (P.8)

SOCIALISM

Socialism is a philosophical, political and economic theory which say that “land, transport, the chief industries, natural resources e.g. coal, water, power etc. should be owned and managed by the state or by public bodies and wealth equally distributed.

Socialism is also a type of ideology and economic system which allows the state the right to own and control the commanding heights of the economy. Commanding height of the economy refers to essential industries in a state or country such as: electricity, water, iron and steel, security, currency etc.

Socialism as an economic system does not allow or encourage individual ownership of private properties. Socialism encourages state ownership of everything. Socialism unlike capitalism does not encourage exploitation of the masses. Socialism as an ideology primarily aims at eradicating excessive capitalist exploitation in the different parts of the world. It aims at bridging the gap between the haves and the have-not.

In countries where socialism is practiced such as Soviet Union, Poland, Romania etc, there is free education at all levels, free medical services, full employment etc. the state carters for everybody. Everybody belongs to the state and works for the interest of the state. There is a high manifestation of egalitarianism, nationalism and patriotism in socialist states.

Karl Max from Germany was the founder or godfather of socialism or socialist ideas. These ideas were later modified and expanded by Lenin and Sterlin both from Soviet Union (Russia). This is why Marxism or Marxism-Leninsm  is often used as a synonym for socialism.

From my own point of view and that of other political scientist, socialism is simply an economic system or mode of production while Marxism-leninsm is the sustaining ideology. Same with capitalism which is simply an economic system or mode of production while liberalism or liberal democracy is the sustaining ideology.

Socialism is in complete contradiction or variance with capitalism. They are two parallel lines and are constantly at war with each other, for example, while capitalism encourages and defends individual ownership of property, limited state intervention in the economy, excessive exploitation and inequality in a state, socialism completely opposes them. However, socialism should not be confused for welfarism or a welfarist state.

Features / Characteristics of Socialism

(i)         Public or state ownership of the means of production

(ii)        Reduction in the gap between the haves and the have-nots (bridge the gap between the rich and the poor).

(iii)       Elimination of excessive exploitation and inequality

(iv)       Abolition of property in land and the application of all rents of land for public purpose

(v)             Abolition of rights of inheritance

(vi)       Confiscation of all property

(vii)      Centralization of credit in the hands of the state bank with state capital and monopoly

(viii)     Centralization of means communication and transportation in the hands of the state.

(ix)       Equal obligation of all to work

(x)        Abolition of child labor

(xi)       Free education for all

(xii)      Gradual abolition of distinction between town and country

In a socialist system or state, the class that controls the political power is the proletariat (i.e. the working class).