What does socialism mean in Kids terms?

Socialism is a way to organize a society. It deals mostly with the economy, or the part of a society that creates wealth. The goal of socialism is to spread wealth more evenly and to treat all people fairly. People have had different ideas about how to create a socialist society.

What is the difference between socialism and capitalism for kids?

Capitalist economies use a free market that is not controlled by the government to let private businesses and people determine the value of products. Socialist countries use a planned economy in which the government controls the production and distribution of necessary goods and services.

What was the meaning of socialism in 1949?

WASHINGTON, D.C. — When asked to explain their understanding of the term “socialism,” 17% of Americans define it as government ownership of the means of production, half the number who defined it this way in 1949 when Gallup first asked about Americans’ views of the term.

What is the definition of socialism in Marxist theory?

b : a system or condition of society in which the means of production are owned and controlled by the state. 3 : a stage of society in Marxist theory transitional between capitalism and communism and distinguished by unequal distribution of goods and pay according to work done.

How did socialism change the role of the proletariat?

Conquest of the state by the proletariat is a prerequisite to establishing a socialist system. As socialism is built, the role and scope of the state changes. Class distinctions, based on ownership of the means of production, gradually deteriorate. The concentration of means of production increasingly falls into state hands.

How is socialism defined as a mode of production?

The Marxist definition of socialism is a mode of production where the sole criterion for production is use-value and therefore the law of value no longer directs economic activity.