Googliberty

2.2

Socialism is a political philosophy that encompasses various theories of economic organization which advocate either public or direct worker ownership and administration of the means of production and allocation of resources. A more comprehensive definition of socialism is an economic system that directly maximizes use-values as opposed to exchange-values and has transcended commodity production and wage labor, along with a corresponding set of social and economic relations, including the organization of economic institutions and method of resource allocation; often implying a method of compensation based on individual merit, the amount of labor expended or individual contribution.

Socialists generally share the view that capitalism unfairly concentrates power and wealth among a small segment of society that controls capital and derives its wealth through a system of exploitation. This in turn creates an unequal society, that fails to provide equal opportunities for everyone to maximise their potential, and does not utilise technology and resources to their maximum potential nor in the interests of the public. (CC Wikipedia 04/23/2010)

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