What is Socialism: Definition and Types
About 200 years ago, when industry was revolutionized and new inventions and developments were made, it brought a drastic change in the economic and political world. People who owned the industries or who were wealthy started to become wealthier day by day whereas the workers and poor started getting poorer day by day. That was the time, when a new concept, Socialism was emerged and as the name itself suggests, it aimed at achieving equality for all of the society. This concept advocated the distribution of means of production among everyone and talked about an egalitarian society. Definition- Socialism may be considered as a political philosophy which says that all people in a society share equal status and they shall be given equitable ownership of the means of production in the state. It is an ideology preferring shared ownership of resources over individual ownership and it believes in the collective development of society. Types of Socialism- Socialism has been given