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Socialism, social and economic doctrine that calls for public rather than private ownership or control of property and natural resources At its simplest, socialism calls for a nation's citizens to control at least some of its means of production — the major ingredients needed for a healthy economy. According to the socialist view, individuals do not live or work in isolation but live in cooperation with one another.

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Socialism is an economic and political philosophy encompassing diverse economic and social systems characterised by social ownership of the means of production, as opposed to priv Socialism is, broadly speaking, a political and economic system in which property and the means of production are owned in common, typically controlled by the state or government. Since the term socialism entered english around 1830, it has consistently referred to a system of social organization in which the ownership of property and the distribution of income are subject to social rather than private control.

Socialism is an economic, social, and political system based on public rather than private ownership of a country’s means of production

Means of production include the machinery, tools, and factories used to produce the goods needed to satisfy human needs. Socialism describes any political or economic theory that says the community, rather than individuals, should own and manage property and natural resources. Socialism is an economic system based on control of economic production and resources by the state with the goal of distributing resources equally In practice, socialism ranges from partial implementations all the way up to full control of the economy by a government.

Explore socialism's history, core theories, and modern examples of socialist countries Learn how socialism compares to capitalism and its role in today's global economy. A fundamental principle of socialism is the collective ownership and administration of the means of production, distribution, and exchange Unlike capitalism, where private entities control resources and production, socialism emphasizes community and public ownership.