This famous socio-political theory stresses on the importance of common or public ownership where all means of production and distribution of resources are vested in the hands of the state. The ideology of socialism hinges on the principles of equality and sharing. Unlike capitalism, where individual interest is given more importance, socialism tilts towards the philosophy of equal sharing. All said and done, the doctrine of socialism has failed to reach its ideals and its very foundation has been trampled by unwillingness of people to participate and share. For more on socialism, trail down these famous communism quotations and sayings.