SOCIALISM
CVAC (Study Materials for SNC Students)
Dr. Paromita Chakraborty, Department of Political Science, Surendranath College
Socialism is an economic and political system based on public ownership of the means of
production. In a socialist state the means of production are owned and controlled by the people.
Socialist countries are often characterized by social equality, worker’s rights and a strong public
sector. Generally a socialist system can be considered an economic and political system based on
collective ownership of the means of production. The proponents of socialism believe that it leads
to a more equal distribution of goods and services and a more equitable society. Common
ownership under socialism may take shape through technocratic, oligarchic, totalitarian, or
democratic rule.
The first socialist ideas emerged in the early 19th century. The Industrial Revolution had created a
large working class and Karl Marx and Friedrich Engels argued that this class would overthrow
the capitalists and create a socialist society. Hence one can say that socialism was a direct response
to the Industrial Revolution, which brought enormous economic and social change to Great Britain
and the rest of the world. As industrialists grew wealthy on the labor of workers who increasingly
lived in poverty, socialism emerged as an alternative to capitalism, one that could improve life for
the working class. Capitalism subsequently also created income inequality and spurred other social
concerns.
The socialist movement in general was initially divided into two main strands: reformist socialism
and revolutionary socialism. Reformist socialists believe that socialism can be achieved through
gradual, democratic reforms to the existing capitalist system. This was the dominant form of
socialism in the early 20th century. Revolutionary socialists, on the other hand, believe that
socialism can only be achieved through a revolution that overthrows the capitalists.
In a socialist system, all production and distribution decisions are made by the collective, and
directed by a central planner or government body. Worker cooperatives, however, are also a form
of socialized production. Socialism also tend to have robust welfare systems and social safety nets
so that individuals rely on the state for everything from food to healthcare. In this system the
government determines the output and pricing levels of these goods and services.
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There are many points of contention between socialists and capitalists. Socialists consider
capitalism and the free market to be unfair and possibly unsustainable. Most socialists contend that
market capitalism is incapable of providing enough subsistence to the lower classes. They contend
that greedy owners suppress wages and seek to retain profits for themselves.
Features of Socialism include:
• Production for use, rather than for profit
• An equitable distribution of wealth and material resources among all people
• No more competitive buying and selling in the market
• Free access to goods and services.
Advantages of Socialism
• Socialism leads to greater economic equality. In socialist societies, the government owns
the means of production, so there is no private ownership of capital. This subsequently
leads to a more even distribution of wealth.
• In socialist societies, the government guarantees a basic level of income for all citizens, as
well as free healthcare and education. Overall, socialism is a system that has many
advantages over capitalism. It leads to greater economic equality, social and economic
security, democracy, international solidarity and environmental protection.
• Socialists also contend that shared ownership of resources and central planning provide a
more equal distribution of goods and services and a more equitable society.
Conclusion
Despite its contributions to Indian economy and society through welfare policies, cooperative
societies, planned growth, land reforms etc., socialism in India is yet to achieve all its intended
objectives. The word socialist was added to the Preamble of the Indian Constitution by the 42nd
amendment act of 1976, during the Emergency. Though India did imbibe core socialist spirit
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through its planned economic development, initiation of land reforms, labor laws, progressive
taxation, expansion of education and health and rapid expansion of the public sector.
Socialism hence is a complex economic and political system that has been around for centuries. It
has evolved over time and there are many different interpretations of what it means. Despite this
complexity, socialists share the common belief in the need to provide basic human needs such as
food, shelter, healthcare and education to all citizens. Through its welfare polices India is striving
to achieve these objectives.
