Socialism
Characterized by social ownership of the means of production and worker self-management
Real World Example
Socialism emerged as a response to the harsh conditions and inequalities caused by the Industrial Revolution, where workers faced exploitation and poor living standards. It was important because it sought to address these issues by promoting social ownership and democratic control of industries, aiming to share wealth and resources more equally among people. During times of revolutionary change, such as the Russian Revolution, socialism inspired movements seeking to overthrow oppressive systems. Today, socialism still matters as it influences debates on healthcare, education, and workers' rights, aiming to ensure everyone has access to essential services. For example, discussions about increasing the minimum wage or providing universal healthcare are rooted in socialist ideas, affecting how fair and accessible these aspects of life are for people.
