What is socialism?
Understand the Problem
The question asks for a definition of socialism. This involves understanding its basic principles as an economic and political system.
Answer
Socialism is an economic and political system based on social ownership and control of production, emphasizing equality.
Socialism is an economic and political system characterized by social or governmental ownership and control of the means of production and distribution, emphasizing economic equality and social welfare.
Answer for screen readers
Socialism is an economic and political system characterized by social or governmental ownership and control of the means of production and distribution, emphasizing economic equality and social welfare.
More Information
Different forms of socialism vary in their degree of government control and the extent of social ownership.
Tips
A common mistake is to confuse socialism with communism. Socialism allows for some free-market mechanisms, while communism abolishes private property.
Sources
- Socialism - Wikipedia - en.wikipedia.org
- Socialism - National Geographic Education - education.nationalgeographic.org
- Socialism: History, Theory, Analysis, and Examples of Socialist ... - investopedia.com
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