socialism is an economic system where everyone in the society equally owns the factors of production which are labor and to preneur ship capital goods and natural resources in socialism everyone in society who receives a share of the production based on how much they've contributed therefore is the mantra from each according to his ability to each according to his contribution socialism assumes that the basic nature of people is cooperative and that the economic system must support this basic human nature for these qualities to emerge however socialism isn't the same across the world not just from economic or political implementations of this ideology but if it's basis in practice for example Sweden practices social democracy which is the most dominant form of socialism while China uses Marxism Leninism for socialism social democracy promotes equal rights and opportunities by a state-run welfare system of the capitalist economy while Marxism Leninism is the development of a state into what it considers a socialist state through the leadership of a revolutionary one guard composed of professional revolutionaries socialism is based on utopia as the earliest modern form of socialism is called utopian socialist pamphlet dating from 19th century and based on the idea of eliminating classes and having to societal equality socialism developed as a reaction to industrial injustice labor exploitation and unemployment in Europe in the last third of the 19th century in Europe Social Democratic parties arose drawing mainly from Marxism in the history of political thought elements of socialism long predate the rise of the workers movement of the late 19th century particularly in Plato's Republic and Thomas More's utopia these theories are based on an ideal that everyone will live together with the best possible peace prosperity and justice in one mutually supportive human community Co prosperity and common cause the term socialism was first used in the context of early 19th century Western European social critics as a mass society was beginning to develop with the modern bureaucratic state and the mass production of goods through industrialization from each according to his ability to each according to his contribution I have some big news here at get wisdom channel get wisdom designed for you unisex merchandise that you can buy and represent calm support us to grow our channel help us share knowledge and wisdom buy our merchandise just by clicking here at suggested link thank you for your contribution to get wisdom you

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