Socialism – Doctrine of Social Progress, Individualism and Capitalism

The concept of socialism emerged in the second half of the 19^th century, as a protest movement against the unbridled capitalism. Its emergence as an alternative to capitalism is grounded in the moral protest against capitalism and its negative effects in the form of monopoly and concentration of wealth in a few hands, growing inequality and increasing class cleavages.

Also Read: Marxism – Introduction and Dialectical Materialism

Marxism – Historical Materialism and Class Struggle

Marxism – Surplus Value and Emergence of Classless Society

Meaning of Socialism

It is very difficult to define socialism as many political, social, and economic conditions factored its growth and development, endowing it with varied meanings. As an ideology it includes various doctrines such as democratic socialism, anarchism, syndicalism, Fabian socialism, etc. Even as an economic theory, socialism has varied meanings, ranging from highly controlled and centralized economies to highly decentralized ones, to the mixed economy.

Doctrine of Social Progress, Individualism and Capitalism

The capitalism supported by the outright individualism of the classical liberalism and laissez-faire, which equated industrial capitalism with an unending era of prosperity, initially fared well, meaning up to the hopes and inspiration of people. However, by the end of the 19^th century, the adverse effects of the unbridled came to the fore, leading to social tension and political unrest in most of the countries.

Adam Smith’s free competition had resulted in monopoly capital, inequality of wealth, crass profiteering, dehumanizing of labour, pauperization of the masses. The welfare schemes and the developmental works were put to the backburner. The individual initiative had degenerated to the crass materialism, profiteering, outright selfishness. The monopolistic tendency in the economic sphere had created a situation wherein the small and medium entrepreneurs were finding the situation frustrating.

The wealth, resources, capital, and even entrepreneurship were in a few monopolistic entities. The society was witness to many tensions arising out of the economic and social inequality and injustice. The labour was the worst sufferers at the hands of the unbridled capitalism. They were underpaid, exploited, and living in inhuman conditions. Their working conditions were as pathetic and inhuman as their living conditions. The mass production and the mechanization had killed their creativity and individuality as labour.

The conditions at the end of the 19^th century were such that the strikes and lockouts had become frequent, causing social tension and disruption in the production. The state intervention was the only available solution. It was for these reasons that Dicey visualized that the collective legislation. Moreover, the unplanned production and the large-scale production activities without taking into account the demand and supply resulted in frequent glut and depression.

Consequently, it gave rise to unemployment and poverty. The frequent cycle of the depression and glut rise to a sense of insecurity in society. Thus, came socialism, based on collective initiatives and state intervention for a just and equal society. However, it is a mistake to categorize socialism as primarily an economic doctrine. It is a moral or ethical revolt against the inhuman and unjust conditions and systems prevailing due to unbridled capitalism.

Thus, in the modern world, almost every democratic state follows some elements of socialism.