Socialism

Fraternity

The bonds of comradeship between human beings.

Co-operation

Working collectively to achieve mutual benefits.

Capitalism

An economic system, organised by the market, where goods are produced for profit and wealth is privately owned.

Common ownership

The common ownership of the means of production so that all are able to benefit from the wealth of society and to participate in its running.

Communism

The communal organisation of social existence based on the common ownership of wealth.

Evolutionary socialism

A parliamentary route, which would deliver a long-term, radical transformation in a gradual, piecemeal way through legal and peaceful means, via the state.

Marxism

An ideological system, within socialism, that has at its core a philosophy of history that explains why it is inevitable that capitalism will be replaced by communism.

Revisionism

A move to re-define socialism that involves a less radical view of capitalism and a reformed view of socialism.

Social justice

A distribution of wealth that is morally justifiable and implies a desire to limit inequality.

Class consciousness

The self-understanding of social class that is a historical phenomenon, created out of collective struggle.

Historical materialism

Marxist theory that the economic base (the economic system) forms the superstructure (culture, politics, law, ideology, religion, art and social consciousness).

Dialectic

A process of development that occurs through the conflict between two opposing forces.

Keynesian economics

Government intervention that can stabilise the economy and aims to deliver full employment and price stability.