Brief Summary on Socialism

The socialist doctrine demands state ownership and control of the fundamental means of production and distribution of wealth, to be achieved by reconstruction of the existing capitalist or other political system of a country through peaceful, democratic, and parliamentary means. The doctrine specifically advocates nationalization of natural resources, basic industries, banking and credit facilities, and public utilities. It places special emphasis on the nationalization of monopolized branches of industry and trade, viewing monopolies as inimical to the public welfare. It also advocates state ownership of corporations in which the ownership function has passed from stockholders to managerial personnel. Smaller and less vital enterprises would be left under private ownership, and privately held cooperatives would be encouraged. The ultimate goal of all socialists, however, is a classless cooperative commonwealth in every nation of the world.

Norman Thomas, D. Litt, Robert E. Burke. Funk & Wagnalls ® New Encyclopedia. © 2006

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