Essay on Socialism : What It Means?

897 Words Dec 2nd, 2016 4 Pages
Socialism: What It Means Socialism needs to be clearly defined because the meaning of socialism gets confused with many other different classes of economic systems. The main mistake people make about socialism is that people confuse it with communism. Some people even think it is part of a capitalist form of economics. A good example of a socialist government, is the government of Cuba. In Cuba, the government owns the businesses, however the state hires the employees. As stated by Richard Dagger and Terence Ball in their article on Britannica.com about the origins of socialism, “The origins of socialism as a political movement lies in the Industrial Revolution. Its intellectual roots, however, reach back almost as far as recorded thought—even as far as Moses, according to one history of the subject”(5). Socialism reaches back towards the beginning of time, but it is not a political movement because it has nothing to do with politics. Instead, it controls the economy. Socialism is an economic system wherein the means of production, distribution, and exchange are owned and regulated at the state level

Socialism is classified as an economic system similar to capitalism, communism, feudalism, and mercantilism. One way these economic systems are alike is that they all have something to do with how economies are regulated. Capitalism has individuals owning the business resources; however, socialism has the community, or state, owning the business resources. Feudalism, which…

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