Socialism is a concept that has been subjected to many interpretations. Such diversity in the use of the term socialism has led to the creation of different bodies of knowledge. Socialist theories, writings, ideas, and beliefs generally explain, seek, and advocate social justice and equality. In other words, socialism is seen as an instrument to attain a better and fairer society; social justice and equality are achievable through a social system based on common ownership of the means of production and the equitable spatial distribution of wealth. Therefore, socialism is a system of thought and practice whose ideas are contrary to the system of material accumulation, concentration, and exploitation found under capitalism.

Forms of Socialism

As a result of the diverse uses of the term socialism, it ...

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