What is the negative aspect of socialism


A worldview that developed in the 19th century from the criticism of capitalism and aims to eliminate this economic system. The basis of economic policy is the abolition of private ownership of the means of production and its nationalization as well as the central planning and control of the economic process in order to prevent negative social effects of economic activity. The aim is to overcome social differences in the economy and society and to improve the situation of the working population.

The main directions of socialism in the 18th and 19th centuries were utopian socialism and scientific socialism. The utopian socialists like Robert Owen (* 1771, † 1858) or Charles Fourier (* 1772, † 1835) strived for an ideal state, socially and economically, which they wanted to achieve through enlightenment and sensible action by all people. In contrast, Karl Marx (* 1818, † 1883) and Friedrich Engels (* 1820, † 1895) attempted to scientifically justify socialism. In this view, socialism is the necessary result of the collapse of capitalism and the revolution of the working class as well as the preliminary stage of the classless and domineering society, communism (see there).

In the former Eastern Bloc states (e.g. former Soviet Union or GDR), which were characterized by extensive rule by the communist party, there was talk of actually existing socialism. Their economic system is also referred to as a planned economy (see there).

Duden Wirtschaft from A to Z: Basic knowledge for school and study, work and everyday life. 6th edition. Mannheim: Bibliographisches Institut 2016. Licensed edition Bonn: Federal Agency for Civic Education 2016.