Definition: Socialism is a      political term applied to an economic system in which      property is held in common and not individually, and      relationships are governed by a political hierarchy. Common      ownership doesn't mean decisions are made collectively,      however. Instead, individuals in positions of authority make      decisions in the name of the collective group. Regardless of      the picture painted of socialism by its proponents, it      ultimately removes group decision making in favor of the      choices of one all-important individual.    
      Socialism originally involved the replacement of private      property with a market exchange, but history has proven this      ineffective. socialism cannot prevent people from competing      for what is scarce. Socialism as we know it today, most      commonly refers to "market socialism," which involves      individual market exchanges organized by collective planning.    
      People often confuse "socialism" with the concept of      "communism." While the two ideologies share much in common --      in in fact communism encompasses socialism -- the primary      difference between the two is that "socialism" applies to      economic systems, whereas "communism" applies to both      economic and political systems.    
      Another difference between socialism and communism is that      communists directly oppose the concept of capitalism, an      economic system in which production is controlled by private      interests. Socialists, on the other hand, believe socialism      can exist within a capitalist society.    
    Pronunciation: soeshoolizim  
    Also Known As: Bolshevism, Fabianism,    Leninism, Maoism, Marxism, collective ownership, collectivism,    communism, state ownerhsip  
    Alternate Spellings: none  
    Common Misspellings: none  
    Examples: Democracy and socialism have    nothing in common but one word, equality. But notice the    difference: while democracy seeks equality in liberty,    socialism seeks equality in restraint and servitude.    -- French historian and political theorist Alexis de    Tocqueville  
    As with the Christian religion, the worst advertisement for    Socialism is its adherents.    -- author George Orwell  
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Socialism: A Definition (With Examples) - About