Abolish strife-breeding capitalism and those problems are either eradicated or left to die, for lack of nourishment, on the ugly vine from which they spring. The Socialist Labor Party has long contended that only socialism can solve the major social and economic problems plaguing our society today. The Marxian socialism upheld by the Socialist Labor Party, however, is completely different from the Soviet or Chinese systems, or any existing system. It has nothing to do with nationalization, a welfare state or any kind of state ownership or control of industry whatsoever. On the contrary, it would give power not to the state, but to the people themselves, allowing collective control of their own economic future.
Socialism means a classless society.
Unlike under capitalism, where a tiny minority owns the vast majority of wealth and the means of producing it, everyone would share equally in the ownership of all the means of production, and everyone able to do so would work. There wouldn't be separate classes of owners and workers. The workers collectively would decide what they want produced and how they want it produced. They would control their own workplaces and make the decisions governing their particular industry. With the abolition of the capitalist expropriation of the lion's share of workers' product, all workers would receive, directly or indirectly, the full value of the products they create, minus only the deductions needed to maintain and improve society's facilities of production and distribution.