Revision Note
Socialism is a social and economic system characterised
by social ownership of the means of production and co-operative
management of the economy, as well as a political theory and movement that
aims at the establishment of such a system. "Social ownership" may
refer to cooperative enterprises, common
ownership, state
ownership, citizen ownership of equity, or any combination of these. There
are many varieties of socialism and there is no single definition encapsulating
all of them. They differ in the type of social ownership they advocate,
the degree to which they rely on markets or planning,
how management is to be organised within productive institutions, and the role
of the state in constructing socialism
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