Many people wonder what heaven is like -- so many, in fact, that philosophers and scholars over the years have hypothesized about how heaven on Earth can be achieved. The term "utopia" was coined in 1515 by British writer Thomas More. Utopia describes a perfect place or society, where everyone is equal socially and economically.

utopia
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Is this utopia? Utopian visionaries imagine a society in which people work together cooperatively and to the
community's benefit.

The political and economic theory of socialism was created with the vision of a utopian society in mind. Contrary to other economic systems, there is no real consensus on how the ideal socialist society should function. Dozens of forms of socialism exist, all with differing ideas about economic planning, community size and many other factors. Despite the variations in socialist thought, every version advocates the benefits of cooperation among the people, steering clear of the "evils" of competition associated with capitalism.

So how does socialism compare to capitalism and communism? And were there ever any successful socialist societies? Is the movement still alive today? In the next section, we'll take a look at the principles of the theory.

Helpful Socialism-related Terms:

Capitalism: Economic system in which individuals or corporations own land and means of production. Capitalist societies encourage competition and personal profit.

Communism: This political and economic system advocates equal labor and equal shares of the benefits derived from labor. However, according to Frederick Engels' "Principles of Communism," the system is more militant than socialism.

Nationalization: The transfer of industry or private property to the control of the government. Under select nationalization, the government takes control of only some industries. Complete nationalization transfers total control to the government, as in the case of the Soviet Union, following the Bolshevik Revolution.

Dystopia: The opposite of utopia, dystopia is a fictional place with terrible quality of life, due to oppression, misery and terror.

Mixed economy: An economy that utilizes some capitalist and some socialist principles. The government usually controls some aspects, but private individuals and corporations control others. A mixed economy relies on the law of supply and demand to determine production and prices.

Planned economy: Economic system controlled entirely by the government. Rates of production, incomes and the price of goods and services are regulated by the government, instead of by demand.

Imperialism: System of beliefs advocating the development of empires, usually to exert political, military or economic domination over other countries or colonies.
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