 While Karl Marx propagated that democracy is the road to socialism, whereas Winston Churchill came down heavily on it and opined that socialism is a philosophy of failure, the creed of ignorance and the gospel of envy. Its inherent virtue is the equal sharing of misery. That's what he said. But I am here to tell you what socialism means and stands for. But before I start with the substantive part of my lecture, I would remind you to subscribe to this channel by clicking on the red subscriber button below and also feel free to share your views and comments beneath the video. Well, socialism is an orbit of economic and social systems exemplified by social ownership of the means of production and workers' self-management as well as the political theories and developments associated with them. Social ownership can have public collective or cooperative proprietorship or citizen ownership of equity. There are many categories of socialism and there is no single definition capturing all of them with social ownership being the common factor shared by its various types of definitions and explanations. Socialist systems are apportioned into non-market and market forms. Non-market socialism entails substituting factor markets and money with engineering and technical benchmarks based on estimate or design executed in kind, thus producing an economic mechanism that functions according to different economic laws from those of capitalism. Non-market socialism aims to bypass the inefficiencies and crises traditionally associated with capital accumulation and the profit system. By divergence, market socialism preserves the use of monetary prices, factor markets and in some cases the profit motive with respect to the operation of socially owned enterprises and the allocation of capital goods between them. Profits made by these businesses would be controlled directly by the workforce of each business or they may accrue to the society at large in the form of social dividend or disbursement. Socialist political principles and philosophy, so to say, has been both open-minded, that is international and pro-self government in orientation, at times intersecting with trade unions and at other times independent and critical of them and present in both industrialized and developing nations. Originating within the socialist movement, social democracy has embraced a mixed economy with a market that includes substantial state intervention in the form of income redistribution, regulation and welfare state. Economic democracy proposes a sort of market socialism with more decentralized control of companies, currencies, investments and natural resources. The socialist political movement comprises a whole lot of political philosophies that began in the revolutionary movements of the mid to late 18th century and out of concern for the social crisis and challenges that were linked with capitalism. By the late 19th century, after the work of Karl Marx and his collaborator Friedrich Engels, socialism had come to denote opposition to capitalism and advocacy for a post-capitalist system based on some form of social ownership of the means of production. Though the advent of the Soviet Union as the world's first nominally socialist state led to socialism's widespread association with the Soviet economic model, some economists and intellectuals argued that in practice the model functioned as a form of state capitalism or a non-strategic directorial or command economy. Today, socialists have also adopted the causes of other social movements such as environmentalism, feminism and progressivism.