define socialism in simple term - EAS
- Socialism is an economic and political system based on collective ownership of the means of production. All legal production and distribution decisions are made by the government in a socialist system. The government also determines all output and pricing levels and supplies its citizens with everything from food to healthcare.
www.investopedia.com/terms/s/socialism.asp - People also ask
- https://www.merriam-webster.com/dictionary/socialism
Definition of socialism. 1 : any of various economic and political theories advocating collective or governmental ownership and administration of the means of production and distribution of goods. 2 a : a system of society or group living in which there is no private property. b : a system or condition of society in which the means of production are owned and controlled by the state.
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- https://www.thoughtco.com/a-definition-of-socialism-3303637
- While Socialism has historically generated a vast number of differing views and theories, the five common characteristics defining a socialist system include: Collective Ownership:In a pure socialist society, the factors of production are owned equally by everyone in the society. The four factors of production are labor, capital goods, natural reso...
- Occupation: History And Government Expert
- Estimated Reading Time: 9 mins
- Published: Aug 28, 2009
- https://www.investopedia.com/terms/s/socialism.asp
Sep 08, 2010 · Socialism is an economic and political system based on collective ownership of the means of production. All legal production and distribution decisions are made by the …
- https://www.britannica.com/topic/socialism
socialism, social and economic doctrine that calls for public rather than private ownership or control of property and natural resources. According to the socialist view, individuals do not …
- https://simple.wikipedia.org/wiki/SocialismSee more on simple.wikipedia.orgThere are many kinds of socialism. In all types, at least in principle, the State or workers own the means of production. The major differences between the different varieties are the role of the free market(market planning), how the means of production are controlled, the role of management of workers, and the governmen…
- Estimated Reading Time: 6 mins
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