SOCIALISM

Every economic idea is preceded by its philosophical justification, which acts as its back drop and paves for that particular idea to be implemented in an effective manner for socialism that is Marxism, before getting into the intricacies of Socialism, its important to understand the core concepts of Marxism.

According to Marx, class dichotomies exist in every society, dichotomies which are perpetrated and propagated by socio-economic factors, the basic idea is that in every epoch there are producers and exploiters, so in layman terms these disparities exist because a large proportion of wealth is in the hands of a few and the rest, often the working class, the labors suffer immense trepidations. 

Marxism was not merely a critique of the economic system professed by capitalism and private property, the idea in itself was much greater and much grand and there lies the greatness of Marx his sheer passion towards the suffering of the labor class and his attempt to negate it. 

Socialism emerged in the backdrop of a era when the loopholes within capitalism manifested themselves, the idea that an unfettered market alone will solve every economic problem which exists had failed, the society in itself reached a point where deathly working conditions, meager pay, long working hours and child labor was being normalized, however there was a dire need for a change, the idea that the state should not interfere in the economic activities for the overall good was slowly losing its ground, market fundamentalism was failing, however communism was not deemed to be practical and rational and the way it was perceived it was considered to be a threat and an idea which was " too revolutionary" and rightfully so it professes a total revolution and demands a paradigm shift. 

Subsequently, the middle way was a system, which categorically emphasizes that the state in its activities ought to be enabling, interventionist, playing an active role in the channelization of economy, making sure that economic disparities do not heighten, its the middle way which in a way amalgamates capitalism and Marxist in the sense that the means of production aren't owned privately but are controlled by the state, the wages are set, working conditions are monitored and worker's are empowered, as a system socialism professes that the goal is to meet the aspirations of all instead of a few rich, the idea is that the state represents the collective will and choice of all people, hence why state control means that there is collective control of the economy, hence why the economic aspirations of all will be met.