The word "socialism" was coined in 1832 by Pierre Leroux, editor of the Parisian journal, Le Globe. From then on, "socialism" took on many different meanings as the varieties of socialism grew and expanded
In short, the goal of a more just society based on an elimination of poverty is shared by virtually all socialist theories, including communism; how to achieve that goal led to the evolution of many different varieties of socialism.
Socialism, on the other hand, is a political and economic approach that calls for state-owned businesses and state-controlled distribution of wealth brought about by democratic means
Under socialism, all resources are owned by all the people. This means that everyone has a say in how the resources are used. In socialism, everyone works for the good of everyone else, and there is no market. That is to say that everyone can get what they need when they need it, and there is no reason for them to pay for it. The government, in the form of a few elected officials, decides how the wealth is to be distributed to everyone
Those who believe in socialism believe that capitalism unfairly favors the rich. They believe that in capitalism, the power and riches are concentrated to a few who lord it over the rest of society. Socialism was born out of the desire to make things more equal. During the industrial revolution, the working class wanted to share the wealth factory owners were enjoying. Instead of a few people having most of the power, socialism endeavors to make everyone equal
In a Socialist economy, the means of producing and distributing goods is owned collectively or by a centralized government that often plans and controls the economy. On the other hand, in a communist society, there is no centralized government - there is a collective ownership of property and the organization of labor for the common advantage of all members
Source: NIMMA BENGALURU
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