Simple Definition of Socialism (Video)

Simple Definition of Socialism
Simple Definition of Socialism
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Simple Definition of Socialism

This article provides a simple definition of Socialism.

Socialists critique capitalism as a system of private ownership where the capitalists own the means of production and extract surplus value (profit) off the back of workers labour. Capitalists do this by paying workers less than the value of their labour, keeping the difference between this amount and the price they sell commodities for. The difference or ‘profit’ is simply ‘theft’.

Socialism promises to distribute wealth evenly and fairly across the economy. There are different theories about the best way to create a socialist society. Karl Marx argued for a ‘workers revolution’ to overthrow the ruling class.

simple definition of socialism
simple definition of socialism

Under capitalism those who own corporations and the means of production earn much more than those who have nothing to sell but their labour. Socialists believe that everyone who contributes to the production of a good is entitled to a share in it. Therefore society as a whole should own, or at least control property for the benefit of all its members.

Simple definition of Socialism – Types

Forms of socialism range from Democratic Socialism (a mixed economy where the public owns key industries, like coal, electricity, water and gas, etc and shares the income, but allows private enterprise to operate elsewhere) to State Socialism (where the state controls all of the means of production and decides what to produce and how to produce it).

Eco-Socialism

Today, any simple definition of socialism must include eco-socialism. Since the beginning of the epoch of destruction of the natural world, known as the Anthropocene, Eco-Socialism has gained increasing prominence. Eco-Socialism brings together the philosophy of ecology and socialism. Consequently, it promotes a society without class divisions that lives in balance with nature.

The unsustainable nature of capitalism is more obvious than ever. Capitalism is an economic system profoundly at odds with a sustainable planet. Indeed Marx argued the exploitation of nature is as fundamental to the profit system, as the exploitation of working people.

Continuous growth is central to Capitalism, including continues growth in the consumption of the planet’s natural resources. World systems will continue to self-destruct due to capitalism’s destructive forces.

Climate Change has highlighted the need for Eco-Socialism.
Climate Change has highlighted the need for System Change and Eco-Socialism

As a result of this destruction, we see the emergence of new diseases and global heating causing climate change. Consequently, this brings droughts, bushfires and sea level rise. Crop failures, disruption of food supplies and mass starvation will also result if stronger action is not taken. However, Eco-Socialism provides a vision to mobilise people around the world, to prevent ongoing human socioeconomic and environmental destruction.

Socialist Publications

There are many excellent socialist publications. In short, these include CounterpunchThe ProgressiveJacobinRed Flag and the Green Left.

Thank you for reading our simple definition of socialism.

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By Rob Pyne

Quadriplegic, Former MP, Councillor & Political Campaigner: Rob is an Eco Socialist who shares ways to survive & fight capitalism. #socialism #championoftheunderdog Occupation: Online Editor Employer: Champion of the Underdog! Book: Struggle and Resistance in the Far North