Download Sociology, types, advantages, disadvantages and more Lecture notes Sociology in PDF only on Docsity! Etymology: Socialism is derived from the word ‘social’ which refers to a collection or community of people. The word ‘socialism’ has been in use since the early 19th century before ‘The Communist Manifesto’ was written. Meaning: Socialism is an economic ideology that advocates collective social ownership of the means of production in an economy, and equal distribution of resources between members of a population in an attempt to remove class differences between them. Background of Socialism: Socialism as an economic ideology began mainly as a reaction to the rise of capitalism in the 17th and 18th centuries. Inequality of wealth created by capitalism caused resentment in the working class against the capitalist class who were providers of their means of living. People began to imagine a classless society where there would be equality and egalitarianism and everyone would be provided for their needs. This gave rise to idea that the means of production should be controlled by the collective population, even though in reality this control is delegated to the State on behalf of that population. This is the essence of Socialism. Merits of Socialism: 1) Under socialism, workers are no longer exploited because they own the means of production. Profits are spread equitably among all workers according to their individual contribution. 2) A socialist economic system also provides for those who can't work. It meets their basic needs for the good of the whole society. 3) Socialism arose to fight against poverty and inequality. It provides equal access to health care and education. No one is discriminated against on the basis of wealth or class. 4) According to the pioneers of this ideology, in Socialism, everyone works according to their abilities, and gets according to their needs. 5) Natural resources are used for the collective benefit of society, instead of generating profits for private firms
