There are three main strands of Socialism – revolutionary socialists, social democrats and the Third Way. While all socialists are committed to reducing inequality and recognize the harmful effects of capitalism, not all socialists want to get rid of the capitalist system. As well as this, while all strands agree in the idea of collective ownership, they disagree as to the extent to which certain property and industries should be state owned. Therefore, while the disagreement between socialists outweighs the agreement. First of all, socialists are all committed to reducing inequality and promoting social justice to a certain extent. Social justice is the idea that everyone deserves equal access to wealth, opportunities and privileges in a society. All socialists recognize the harmful effects of capitalism and want some type of reform for the system in order that the poorer can have a better life. Socialists believe that capitalism causes major inequality by encouraging competition and exploitation which goes against our human nature because as a race, humans are naturally co-operative. All three socialist strands agree on the importance of social and economic equality, arguing that real social equality would allow everyone to reach their full potential without barriers. This is because socialists believe that social equality helps to build strong communities. When individuals share similar social conditions, they are more inclined to connect and cooperate for mutual benefit, thereby creating a harmonious society. Therefore, all socialists want to promote social justice and accept there are harmful effects of capitalism. However, while all socialists may argue that capitalism is bad, not all of them want to get rid of the system entirely, as social democrats and the Third Way argue that there are benefits to capitalism that cannot be found in other economic systems like communism. Revolutionary socialists believe that capitalism is inherently exploitative and that it must be overthrown through revolution. They advocate for the abolition of private property and a society in which class does not exist. Karl Marx suggests capitalism exploits the proletariat through the means of the ruling bourgeoisie. Social democrats, on the other hand, believe that capitalism can and must be reformed to serve the common good, turning to progressive taxation, welfare states and public ownership of key industries such as coal and steel. Unlike revolutionary socialists, social democrats reject revolution and support parliamentary democracy, and disagree with the revolutionary socialist idea of overthrowing a capitalist economy by force. Finally, Third Way socialists take their belief in capitalism a step further. They embrace market economy, believing the only economic system efficient enough for humanity is capitalism as it creates wealth. However, they too want to reduce social inequality, doing this through social justice, individual responsibility, education and opportunity rather than heavy state intervention. Therefore, socialists disagree over the extent to which capitalism needs to be reformed. Furthermore, all strands of socialism agree on the importance held by collective ownership of certain key resources. In all three key strands, there is some form of collective or state control over key sectors of the economy that is essential in order to reduce inequality, promote fairness and provide for the public good to reduce poverty and the negative impacts of capitalism. For example, the Third Way believe in private public partnerships, social democrats believe that key industries such as coal and steel should be nationalised, and revolutionary socialists believe that all industries should be owned collectively by the community. However, all socialists disagree the extent to which the state should extend over public ownership. Revolutionary socialists argued for the abolition of private property, believing that we should work as a collective towards communism instead. They view private ownership as being the source of exploitation and inequality, so they advocate for collective control where workers are able to receive the full ‘fruits of their labour’. Social democrats believe in public ownership of only key industries, for example healthcare, education and transportation, supporting the nationalisation or state control of certain sectors to ensure fairness. This however, does allow for a market economy in certain areas, such as non-essential areas, i.e. companies for consumer goods. The Third Way calls for even less state intervention, supporting public ownership in particularly essential sectors. However, according to Anthony Giddens, a Third Way socialist, it is public-private partnerships that are preferable, rather than public ownership. This is where the government makes a deal with a private company who then delivers a project or service that is traditionally provided by the public sector. The Third Way tend to deal with regulated markets rather than full nationalisation, aiming to balance state intervention with market dynamics, thereby ensuring key resources benefit society as a whole. The Third Way, under Tony Blair’s New Labour also got rid of Clause IV in the Labour Party Manifesto which was committed to nationalisation and full worker’s control. Therefore, socialists disagree with the extent to which the state should control the economy. In conclusion, all socialists agree that some state intervention in the economy is necessary and that a key aim of socialism is social justice and solving the problems caused by inequality, but they disagree with how they go about doing this, with revolutionary socialists calling for revolution, the Third Way arguing for little change to the current system and social democrats being the ‘middle way’ of sorts, wanting to keep the capitalist economy but suggesting that only through reforms can it be fit for purpose.