“SOCIALISM”

Dictionary Meanings:

 A theory or system of social organization  that advocates the vesting of the ownership and control
of the means of production and distribution, of capital, land, etc., in the community as a whole.
 a political theory advocating state ownership of industry.
 Any of various theories or systems of social organization in which the means of producing and
distributing goods is owned collectively or by a centralized government that often plans and
controls the economy.
Explanation:

System of social organization in which private property and the distribution of income are subject to
social control; also, the political movements aimed at putting that system into practice.

Socialism is a political and economic system in which most forms of economically valuable property and
resources are owned or controlled by the public or the state. The term socialism also refers to any
political or philosophical doctrine that advocates such a system. In a strictly socialist economy, public
agencies influence-and in some cases actually decide-what kinds of goods and services are produced,
how much they cost, the wages or salaries paid to people in different professions, and how much wealth
a single individual may accumulate. Most socialist systems also provide citizens with significant social
benefits, including guaranteed employment or unemployment insurance and free or heavily subsidized
health care, child care, and education. Socialism is the major alternative to capitalism, a system in which
most property is privately owned (by individuals or businesses) and the production of goods and
services, as well as the distribution of income and wealth, are largely determined by the operation of
free markets.

Socialism is a way to organize a society. It deals mostly with the economy, or the part of a society that
creates wealth. The goal of socialism is to spread wealth more evenly and to treat all people fairly.
People have had different ideas about how to create a socialist society. But most have agreed that the
government, not individuals, should control at least some businesses and property.

“Nationalism”
Dictionary Meanings:

1. Devotion to the interests or culture of one's nation.

Explanation:
The strong belief that the interests of a particular nation-state are of primary importance. Also, the belief
that a people who share a common language, history, and culture should constitute an independent nation,
free of foreign domination.

The term “nationalism” is generally used to describe two phenomena: (1) the attitude that the members of
a nation have when they care about their national identity, and (2) the actions that the members of a
nation take when seeking to achieve (or sustain) self-determination. (1) raises questions about the concept
of a nation (or national identity), which is often defined in terms of common origin, ethnicity, or cultural
ties, and while an individual's membership in a nation is often regarded as involuntary, it is sometimes
regarded as voluntary. (2) raises questions about whether self-determination must be understood as
involving having full statehood with complete authority over domestic and international affairs, or
whether something less is required.

It is traditional, therefore, to distinguish nations from states — whereas a nation often consists of an
ethnic or cultural community, a state is a political entity with a high degree of sovereignty. While many
states are nations in some sense, there are many nations which are not fully sovereign states.

Nationalism has long been ignored as a topic in political philosophy, written off as a relic from bygone
times. It came into the focus of philosophical debate two decades ago, in the nineties, partly in
consequence of rather spectacular and troubling nationalist clashes, such as those in Rwanda, the former
Yugoslavia and the former Soviet republics. The surge of nationalism usually presents a morally
ambivalent, and for this reason often fascinating, picture. “National awakening” and struggles for political
independence are often both heroic and inhumanly cruel; the formation of a recognizably national state
often responds to deep popular sentiment, but can and does sometimes bring in its wake inhuman
consequences, including violent expulsion and “cleansing” of non-nationals, all the way to organized
mass murder. The moral debate on nationalism reflects a deep moral tension between solidarity with
oppressed national groups on the one hand and the repulsion people feel in the face of crimes perpetrated
in the name of nationalism on the other. Moreover, the issue of nationalism points to the wider domain of
problems, having to do with the treatment of ethnic and cultural differences within democratic polity,
which are arguably among the most pressing problems of contemporary political theory.

“Globalization”
Dictionary Meanings:

 To extend to other or all parts of the globe.

Explanation:

Globalization is a process of interaction and integration among the people, companies, and governments
of different nations, a process driven by international trade and investment and aided by information
technology. This process has effects on the environment, on culture, on political systems, on economic
development and prosperity, and on human physical well-being in societies around the world.
Globalization is not new, though. For thousands of years, people—and, later, corporations—have been
buying from and selling to each other in lands at great distances, such as through the famed Silk Road
across Central Asia that connected China and Europe during the Middle Ages. Likewise, for centuries,
people and corporations have invested in enterprises in other countries.

This current wave of globalization has been driven by policies that have opened economies domestically
and internationally. In the years since the Second World War, and especially during the past two decades,
many governments have adopted free-market economic systems, vastly increasing their own productive
potential and creating myriad new opportunities for international trade and investment. Governments also
have negotiated dramatic reductions in barriers to commerce and have established international
agreements to promote trade in goods, services, and investment. Taking advantage of new opportunities
in foreign markets, corporations have built foreign factories and established production and marketing
arrangements with foreign partners. A defining feature of globalization, therefore, is an international
industrial and financial business structure.

Technology has been the other principal driver of globalization. Advances in information technology, in
particular, have dramatically transformed economic life. Information technologies have given all sorts of
individual economic actors—consumers, investors, businesses—valuable new tools for identifying and
pursuing economic opportunities, including faster and more informed analyses of economic trends around
the world, easy transfers of assets, and collaboration with far-flung partners.

Globalization is deeply controversial, however. Proponents of globalization argue that it allows poor
countries and their citizens to develop economically and raise their standards of living, while opponents
of globalization claim that the creation of an unfettered international free market has benefited
multinational corporations in the Western world at the expense of local enterprises, local cultures, and
common people. Resistance to globalization has therefore taken shape both at a popular and at a
governmental level as people and governments try to manage the flow of capital, labor, goods, and ideas
that constitute the current wave of globalization.