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Collective ownership of the means of production
- Socialism is an economic and political system based on collective ownership of the means of production. In a socialist system, all legal production and distribution decisions are made by the government. The government also determines all output and pricing levels and supplies its citizens with everything from food to healthcare.
Feb 4, 2020 · Socialism seeks to use government to end capitalism and substitute an alternative socialist economic system, defined traditionally in terms of state-owned and -operated...
Socialists complain that capitalism necessarily leads to unfair and exploitative concentrations of wealth and power in the hands of the relative few who emerge victorious from free-market competition—people who then use their wealth and power to reinforce their dominance in society.
Dec 18, 2023 · Socialism is a populist economic and political system based on collective, common, or public ownership of the means of production. Those means of production include the machinery, tools,...
- Will Kenton
- 2 min
Socialism is an economic and political philosophy encompassing diverse economic and social systems [1] characterised by social ownership of the means of production, [2] as opposed to private ownership. [3][4][5] It describes the economic, political, and social theories and movements associated with the implementation of such systems. [6]
Feb 7, 2006 · Socialism is a political doctrine that criticizes the existence of social, economic and political inequality in society. Seeking to lessen class inequality, socialists call for a redistribution of power from the affluent owners to the working class.
Oct 10, 2019 · Socialism describes any political or economic theory that says the community, rather than individuals, should own and manage property and natural resources. The term “socialism”...
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Jan 30, 2020 · Socialism is an economic system very different from capitalism, feudalism, and slavery. Each of the latter divided society into a dominant minority class (masters, lords, and employers) and a dominated majority (slaves, serfs, employees).
