Socialism is a political, social, and economic philosophy encompassing a range of economic and social systems characterised by social ownership of the means of production. Social ownership can be public, collective, cooperative, or of equity.

The history of socialism has its origins in the 1789 French Revolution and the changes which it brought, although it has precedents in earlier movements and ideas.

It began with utopian communities in the early 19th century such as the Shakers, the activist visionary Josiah Warren and intentional communities inspired by Charles Fourier. Labor activists, usually British, German, or Jewish immigrants, founded the Socialist Labor Party of America in 1877.

Other Examples of Socialism in Economic Systems The workers control the production and the money made from the production. The former Soviet Union is an example of a socialist system. They transitioned from a capitalistic to a socialistic government until 1991. Cuba is an example of a socialist nation.

Socialism is an economic system where the means of production, such as money and other forms of capital, are owned to some degree by the public (via the state.). Under a socialist system, everyone works for wealth that is in turn distributed to everyone.

In a socialist economy, the government owns and controls the means of production; personal property is sometimes allowed, but only in the form of consumer goods.

In theory, based on public benefits, socialism has the greatest goal of common wealth; Since the government controls almost all of society’s functions, it can make better use of resources, labors and lands; Socialism reduces disparity in wealth, not only in different areas, but also in all societal ranks and classes.

Top 10 Socialism Pros & Cons – Summary List

Forbes magazine’s most recent list of “The 10 Happiest Countries” are: Finland, Denmark, Norway, Iceland, Netherlands, Switzerland, Sweden, New Zealand, Canada and Austria. Seven of the happiest countries in the world are socialist.

Marxist–Leninist states

The U.S. is a mixed economy, exhibiting characteristics of both capitalism and socialism. Such a mixed economy embraces economic freedom when it comes to capital use, but it also allows for government intervention for the public good.

Democratic socialism is defined as having a socialist economy in which the means of production are socially and collectively owned or controlled, alongside a democratic political system of government. Democratic socialists reject most self-described socialist states and Marxism–Leninism.

The United States is generally considered to be a capitalist country, while many Scandinavian and Western European countries are considered socialist democracies. In reality, however, most developed countries—including the U.S.—employ a mixture of socialist and capitalist programs.

The United States is a capitalist society where means of production are based on private ownership and operation for profit….Capitalist Countries 2021.

A socialist country is a sovereign state in which everyone in society equally owns the factors of production. In a socialist country, people account for individual needs and social needs.

This means they exist somewhere on a continuum between pure capitalism and pure socialism, with the majority of countries practicing a mixed system of capitalism wherein the government regulates and owns some businesses and industries. In a purely socialist system, all means of production are collective or state-owned.