Socialism
What is Socialism? Socialism is a way of organizing a society in which major industries are owned and controlled by the government rather than by individual people and companies.
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
3: A stage of society in Marxist theory transitional between capitalism and communism and distinguished by unequal distribution of goods and pay according to work done[1]
In other words, socialism is an economic system in which society is largely run by the government. Where the wealth and production of the members of that society are distributed equally among other members of society. This is done as governmental decrees. In this system of government, private ownership is lessened, and public ownership of all things is promoted.
[1] www.merriam-webster.com
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
3: A stage of society in Marxist theory transitional between capitalism and communism and distinguished by unequal distribution of goods and pay according to work done[1]
In other words, socialism is an economic system in which society is largely run by the government. Where the wealth and production of the members of that society are distributed equally among other members of society. This is done as governmental decrees. In this system of government, private ownership is lessened, and public ownership of all things is promoted.
[1] www.merriam-webster.com
