Socialist mode of production  

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Kunstformen der Natur (1904) by Ernst Haeckel
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Kunstformen der Natur (1904) by Ernst Haeckel

In Marxist theory, socialism (also called the socialist mode of production) refers to a specific historical phase of economic development and its corresponding set of social relations that supersede capitalism in the schema of historical materialism. The Marxist definition of socialism is a mode of production where the sole criterion for production is use-value and therefore the law of value no longer directs economic activity. Marxist production for use is coordinated through conscious economic planning, while distribution of economic output is based on the principle of to each according to his contribution. The social relations of socialism are characterized by the working class effectively owning the means of production and the means of their livelihood, either through cooperative enterprises or by public ownership or private artisanal tools and self-management, so that the social surplus accrues to the working class and society as a whole.

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