Socialism

Definition

Socialism is an economic and political system where the means of production, distribution, and exchange are owned or regulated by the community as a whole. It emphasizes equal distribution of wealth and aims to reduce the disparities between rich and poor.

Related terms

Means of Production:

The facilities and resources for producing goods, such as factories and raw materials, which in socialism are collectively owned.

Communism: A political and economic ideology advocating for a classless society where all property is publicly owned and each person works and is paid according to their abilities and needs.

Capitalism:

An economic system characterized by private ownership of the means of production and where prices, production, and the distribution of goods are determined mainly by competition in a free market