Socialism

Socialism refers to various theories of economic organization advocating public or direct worker ownership and administration of the means of production and allocation of resources, and a society characterized by equal access to resources for all individuals, with a method of compensation based on the amount of labour expended.

Most socialists share the view that capitalism unfairly concentrates power and wealth among a small segment of society that controls capital and derives its wealth through exploitation, creates an unequal society, does not provide equal opportunities for everyone to maximise their potentialities and does not utilise technology and resources to their maximum potential nor in the interests of the public.

Friedrich Engels, one of the founders of modern socialist theory, and Henri de Saint-Simon, a French Utopian Socialism theorist, advocated the creation of a society that allows for the widespread application of modern technology to rationalise economic activity by eliminating the anarchy of capitalist production.

Source: Wikipedia