Socialism

Socialism refers to the 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 has transcended commodity production and wage labor, where economic activity is carried out to maximize use-value as opposed to exchange-value, including in its definition a corresponding change in social and economic relations; such as the organization of economic institutions and resource allocation; often implying advocacy for a method of compensation based on the amount of labor expended.