Public or collective ownership

Socialism advocates for public or collective ownership of the means of production and distribution of goods

Addressing inequalities

Inequitable distribution of wealth and power

Socialism seeks to address the inequalities brought about by capitalism by promoting an equitable distribution of wealth and power

Shared ownership for a fairer society

Socialists argue that shared ownership allows for a fairer society where the needs of all are met more effectively than in a system where resources are controlled by a few

Common elements of socialism

Economic equality

Socialism includes the pursuit of economic equality as a common element

Provision of basic needs

Socialism aims to provide basic needs for all citizens as a common element

Regulation or elimination of private property

Socialism advocates for the regulation or elimination of private property in favor of communal ownership as a common element

Division of society into classes

Socialist theory posits that society is divided into classes based on their role in the economy, primarily the owners of capital and the working class

Class struggle as the engine of historical development

Socialists believe that class struggle is the engine of historical development

State intervention to protect working class interests

Socialists argue that the state should intervene to protect the interests of the working class and facilitate the transition to a socialist society

Revolutionary socialism

Revolutionary socialism, including Marxism, Leninism, and other radical ideologies, calls for a complete overhaul of the current capitalist system through revolution

Evolutionary socialism

Evolutionary socialism, also known as democratic socialism or social democracy, advocates for gradual reform within the existing political system

The Third Way

The Third Way represents a centrist adaptation of socialist principles, seeking to reconcile market economics with social justice goals

Definition of communism

Communism, as theorized by Marx and Engels, is a stateless, classless society that emerges after the proletariat revolution and the subsequent dictatorship of the proletariat

Differences between socialism and communism

Socialism and communism are distinct ideologies with different goals and methods, with the key distinction lying in the extent of change sought and the means by which it is achieved