What exactly is socialism? The term socialism refers to a society which at its core believes that wealth should be shared equally between each member of a society. In order to learn about socialism and what it entails, Crystal Clanton has a few simple tips to discover everything you need to know about socialism as a political social system.
What is socialism? Everything you need to know about socialism:
1. Most socialist societies don’t encourage individuals to strive to obtain masses of personal wealth
In a socialist society individuals work, not for their own gain or to obtain status or personal wealth but for the collective good of their community. In a typical socialist society, individuals are raised to
think of their country first and themselves second. Which is the opposite to a capitalist country, where individuals are taught to think of their own needs and wants first.
2. Many socialist societies try to pay each individual the same amount of money, no matter what job they end up with
In a traditional capitalist society there isn’t a marked difference in the amount which an educated individual such as a doctor or a lawyer would get paid compared to a builder to a teacher. As fundamentally most socialists believe that each job is equally as important as each job is critical to the continued success of the socialist society.
Many socialists would argue that in order for a society to thrive and to be able to provide all the goods and services which its citizens may need, that a socialist society needs both teachers and doctors in order to run efficiently and that both positions deserve to be paid an equal amount.
Whereas in a capitalist society, individuals who have completed several years of formal tertiary education and who work in high status jobs are often paid several times what a teacher would expect to earn in a year, within a short, six month period.
3. Socialist societies often provide a wide range of benefits and public services
Socialist societies often make sure to provide public services for all of its citizens, even those who are unemployed. In fact, while in a capitalist society unemployed citizens may be given a meager benefit, in order to survive, in a socialist society unemployed individuals will often be given a sizeable living allowance as well as subsidized accommodation and free health care.
4. Socialist societies usually have smaller public sectors
In many socialist countries, the government will control the vast majority of businesses which operate within the country. Whilst in capitalist countries, independent business owners will own and operate the majority of businesses which operate within the country. Which means that in a socialist society, the vast majority of citizens will end up working for the government itself, in a government run business, instead of working for a public sector company.
In conclusion, hopefully after reading the four points about socialism listed above, you now have a
better understanding of what socialism is and what the major differences are between a socialist society and a capitalist society!
