Answer to Question #308069 in English for Khumbu

Question

Define socialism

Answer 1

Socialism is a political, social, and economic philosophy encompassing a range of economic and social systems characterized by social ownership of the means of production, as opposed to private ownership. Socialism is a system in which every person in the community has an equal share of the various elements of production, distribution, and exchange of resources. Such a form of ownership is granted through a democratic system of governance. Socialism has also been demonstrated through a cooperative system in which each member of the society owns a share of communal resources. It includes the political theories and movements associated with such systems.