Definition of: SocialismEdit
Socialism is a economic system of a planned economy in which the free market is abolished in reference to the consistently failing business cycle. A planned economy allows for immediate central government planning of housing, agriculture and production etc. The means of production are moved out of the hands of the capitalist class into the hands of the working class. In Socialism democracy is structured through worker's councils that pose their requirements and demands towards the Central Government. Socialism advocates the abolishment of wage exploitation as found in work places (E.g. If you were a factory making $600 worth of coats, you would only $200 and $400 becomes the boss mans out of your value of labour). Socialism also advocates the principle of the abolishment of private property and monopolization to prevent the growth of elitist corporations that bankrupt middle-class businesses and create wage poverty.
Socialism advocates the equality of people by treatment from the government and society, that is the only principle of equality there is which is not to be misconcieved as equal payment. Racism, segregation and sectarianism are normally found to be stirred up by elitist politicians that use divide and rule tactics to distract the working class from real economic and social issues. Class hierarchy is demolished under Socialism as a deterant of conflict.