Socialism
Characterized by social ownership of the means of production and worker self-management
Real World Example
After World War II, many developing countries embraced socialism as a way to gain independence and control their own resources, responding to issues like colonial exploitation and economic inequality. Socialism was important because it aimed to redistribute wealth and improve living conditions by ensuring that the community or the state owned and managed resources and industries. This approach was seen as a way to reduce poverty and create more equal societies. Today, socialism still matters because it influences debates on healthcare, education, and workers' rights, aiming to ensure that everyone has access to basic needs. For example, in some countries, public healthcare systems that provide free or affordable medical services to all citizens are inspired by socialist ideas, impacting people's lives by making healthcare more accessible.
