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Socialism is a mode of production[1] characterized by workers' ownership of the means of production, achieved through the expropriation of the bourgeoisie by a dictatorship of the proletariat. Socialist economies are based on central economic planning, absence of the profit-motive and collectivization.
The scientific socialist definition of the term, as used by Marxist–Leninists, refers to a particular stage of historical development -- specifically the transitional state between the capitalist and communist modes of production (for this reason, it is also known as "the lower stage of communism", although it is generally considered distinct enough from communism to constitute its own separate mode of production[2]). However, the term socialism is often misused in broader left-wing discourse to denote public works, welfare programmes and/or small-scale forms of economic planning practiced by capitalist countries.
Among the first successful experiments in the scientific development of socialist economics was the Soviet Union in the late 1920s, when the the means of production were brought under social ownership, namely the land and agricultural economy was brought under the ownership of the state; expropriated from private landowners called Kulaks.
Socialism can be summarized by the motto "From each according to their ability, to each according to their work."
Contradictions
As socialism is a way of organizing society that lies somewhere in-between Capitalism and communism, it has properties of both. Communism can be succinctly described as the complete abolishment of private property. No more CEOs, boards of directors, majority stockholders or other tiny minorities who control and own everything at the highest levels of every Enterprise. Under socialism private property is only partially abolished.
Take for example, China. The financial system, energy, oil, insurance, education and aerospace sectors are all under stong government control, with state-owned enterprises directing the lions share of these sectors' resources and manpower. All in accordance with China's various 5-year plans. Thru the guidance of China's vanguard party China is steadily socializing its bourgeois elements.
At the same time, there are large privately-owned, capitalist enterprises, such as in the real estate industry. These are kept on a tight leash, preventing them from being able to turn their economic power into political power. Thus we see the characteristics of both. These two contradictory halves ebb and flow. With the aggregate effect being a country whose socialist economy has grown 2-3 times faster than the capitalist USA for the past 30 years.
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