Socialism refers to the condition where the major industries are owned and controlled by the government. It discourages the involvement of any private institutions and their rule over the goods and services sector. It promotes the non-competitive spirit among the producers and focuses more on how to serve people with cheap and cost-effective goods.
It somewhat stands between communism and capitalism and many countries are seen adopting such a system.
Socialists believe that the money produced should stay back to the people where it belongs. They are always concerned about collectivisation and the welfare of the people from the grass-root level.
Precisely stating, they believe that it is an economic theory of social organisation and the means of making, moving, and trading wealth should be owned or controlled by the community as a whole.
However, the reality is entirely different. The socialists who are believed to be adamant at their decisions, opinions and sickly oppose the handful business of the entrepreneurs are themselves seen making millions. They are seen even possess all ravishing and grand cars with a beautifully carved villa house.
Their opinions are much regarding how they have a pessimistic feeling towards capitalism and sometimes misinterpret themselves of being a socialist. Even if they think that they hold the actual perspective towards the term, they lack its implementation by sending their kids to prestigious colleges.
Where the socialists are supposed to fight for the betterment of society and people as a whole, we find them using their name tag of being socialist in a wholly different way. They are trying to better their lives rather than the society and in the due process gets deviate from their original cause.
The term brings with itself some rhetoric speeches and seems to be cheering and refreshing when heard, but when seen or to be understood in-depth, it is more than any acknowledged lines or fancy poetry.
The word seems to have been stagnated for a long time. It needs a revision not only in the thinking capabilities but also in their real actions.