D) Socialism

Fri, 01 May 2026 00:02:14 +0000

# D) Socialism: Understanding Its Principles, History, and Modern Relevance ## Introduction Socialism is a political and economic ideology centered on the collective ownership or control of the means of production, distribution, and exchange. Historically rooted in the critiques of 19th-century capitalism, socialism seeks to reduce inequality, promote social welfare, and ensure that resources serve the common good. Whether in its democratic or revolutionary forms, socialism continues to shape debates globally on economics, equity, and governance. In this article, we explore the core principles of socialism, its historical evolution, major varieties, social and economic impacts, and its relevance in today’s rapidly changing world.