Lawrence O'Donnell Explains His Belief In Socialism (VIDEO)
Socialists argue that socialism is about bringing human social organization up to the level of current technological capability to fully take advantage of modern technology. They argue that capitalism is either obsolete or approaching obsolescence as a viable system for producing and distributing wealth in an effective manner. Socialists generally argue that capitalism concentrates power and wealth within a small segment of society that controls the means of production and derives its wealth through a system of exploitation. This creates a stratified society based on unequal social relations that fails to provide equal opportunities for every individual to maximize their potential, and does not utilise available technology and resources to their maximum potential in the interests of the public, and focuses on satisfying market-induced wants as opposed to human needs. Socialists argue that socialism would allow for wealth to be distributed based on how much one contributes to society, as opposed to how much capital one holds.
Socialists hold that capitalism is an illegitimate economic system, since it serves the interests of the wealthy and allows the exploitation of lower classes. Capitalism is the unfair distribution of wealth and power; a tendency toward market monopoly or oligopoly (and government by oligarchy); imperialism, counter-revolutionary wars and various forms of economic and cultural exploitation; repression of workers and trade unionists; social alienation; economic inequality; unemployment; and economic instability. Read the Article at HuffingtonPost