Socialism
Characterized by social ownership of the means of production and worker self-management
Real World Example
During the Industrial Revolution, socialism emerged as a response to the harsh working conditions and economic inequality faced by workers in factories. Many people believed that social ownership of factories and businesses could lead to fairer distribution of wealth and better treatment for workers. This was important because it offered a solution to the widespread poverty and exploitation experienced by the working class. Today, socialism remains relevant as debates about economic inequality and workers' rights continue, influencing policies like minimum wage laws and healthcare access. For example, public healthcare systems in many countries, which are funded and managed by the government, reflect socialist ideas by aiming to provide equal access to medical services for everyone.
Practice Version
