Socialism

Socialism is a political philosophy that encompasses various theories of economic organization which advocate either public or direct worker ownership and administration of the means of production and allocation of resources. A more comprehensive definition of socialism is an economic system that directly maximizes use-values as opposed to exchange-values and has transcended commodity production and wage labor, along with a corresponding set of social and economic relations, including the organization of economic institutions and method of resource allocation; often implying a method of compensation based on individual merit, the amount of labor expended or individual contribution.