Liberalism v Socialism

The difference between socialism and liberalism. My answer on Quora.

Liberalism values the free market and individual ownership of property. It is individualistic at its core and sees the person as a sovereign unit. Its key driver is the maximization of freedom (including freedom of speech, action and belief) within the context of the rule of law.

Socialism is a collectivist philosophy that rejects the notion of the free market. It is driven by the so-called Will of the Majority (or the Will to Power) and at its epicenter opposes private ownership of property. However on a practical level, it may tolerate certain aspects of private property ownership and the free market usually as a temporary provision on the road to some ideal. Various versions of socialism differ in methodology.

Liberalism is concerned with Equality of opportunity. Socialism values both Equality of opportunity and outcome. It is not adverse to using social engineering to achieve its goals