Socialism is a social economic system in which the members of the society own the major means of production communally. This philosophy emphasizes the equality of all men and therefore, no exploitation. Also emphasizes state ownership of resources.

The prominent scholars who led to the rise of socialism in Europe were Karl Marx, a German philosopher, St. Simeon of France, Robert Owen of Great Britain and Frederick Engels.

Most socialists believe that national or local government rather than individuals should own a nation’s resources and control their use. Socialism calls for public ownership of land, factories and other basic means of production.