Socialism is a system of political economy where people collectively own the ability to produce goods, abolish or limit market activity, and eventually work towards Communism–the complete abolishment of private wealth, money, and classism.
SOCIALISM: EXPANDED TRANSCRIPT
Interesting facts about socialism and left wing politics
Socialism was officially established in 1789 with the French Revolution, in which French citizens stormed the Bastille and overthrew King Louis XVI, and the Industrial Revolution in Britain, where the world’s first automated production lines immensely improved British agriculture, textiles, and transport.
The terms left-wing and right-wing originate from the seating arrangements made in the French Estates General (Lower House of Parliament). Those that supported the monarchy sat on the right, and those that advocated its abolition sat on the left.
There are currently over 60 official Socialist parties with parliamentary representation in 50 countries across 6 continents.
Some of the most prominent left-wing parties making headlines are Podemos (Spain), Die Linke (Germany), Sinn Fein (Ireland), Labour Party of Britain (UK), Democratic Socialists of America, the Australian Labour Party, the Scottish Socialist Party and Syriza (Greece).
Labour MP Jeremy Corbyn and Momentum are widely seen as one of the most respected, yet feared and demonised factions in Westminster.
Occupy Wall Street (Occupy Movement) formed in 2011 in response to the American financial crisis, and was widely seen as a global renaissance of Leftist thinking. Using the phrase “We are the 99%”, the organisation’s first protest took place in NYC’s Zuccotti Park. Since then, over 950 cities across the world have joined the movement.
Some Socialists accept Capitalism as a stage towards Communism. Russia, China, India, Brazil, and others practice two-stage theory, in which underdeveloped countries use minimal market activity to develop national capital before moving to Communism.
It is not entirely true that socialism was irreligious. Some theorise that originates from passages within the Bible, giving rise to religious socialism. Abū Dharr al-Ghifārī accompanied the Prophet Mohammad and gave rise to Islamic socialism.
The Socialist/ Left-wing anthem Le Internationale was created after the Congress of the Second International by Frenchman Eugene Pottier in 1864. It has been sung and recorded in almost 50 world languages, including English, German, and Russian.