Socialism
Socialism in a Capitalist World: Historical Roots and Modern Significance
There had long been countless alternatives that emerged to tackle the rising concern of capitalism, especially in modern society where individualistic approaches are prevalent rather than collective benefit. But socialism, the almost perfect antithesis to capitalism, has its intellectual roots as far back as Plato’s time. Since the emergence of the first industrial revolution, during the time of aristocratic Europe, socialism had been the people’s answer to benefit not just the fortunate few, but the entire community. But what is socialism and how is it significant in our time of highly capitalistic society?
Socialism is the ideology that champions the collective ownership of means of production and resources. But due to the rapid change of our society as time passes, socialism has taken on a different meaning on top of what it used to stand for. Historically, it has always been associated with the collective ownership of resources and means of production, which the government regulates. We can see it today that when a government properly manages the taxes of its people, we have the proper infrastructure to develop the community. Infrastructures like hospitals, schools, public parks and spaces, etc. That is a product of socialism.
But today, and perhaps it will continue even to the future, socialism has been equated to equality. Capitalism has bred inequalities in alarming rates. We have income inequalities that are borne out of different social standings and opportunities presented to different people. Socialism has been the call for equal standing, rights, and distribution to mitigate the growing disparity between the rich and the poor.
Similar to the ethos of capitalism being profit and the free market, socialism has its tenets too. These include collective ownership of means of production, central planning of the economy, emphasis on equality and economic security, and reducing class distinctions which would minimize the alarming increase of income inequality.