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 aims to reduce social inequalities and promote collective welfare.
Related terms
Communism: A political ideology that advocates for the abolition of private property and aims to create a classless society.
Capitalism: An economic system based on private ownership of resources and competition in the market.
Welfare State: A system in which the government provides social programs such as healthcare, education, and unemployment benefits to support its citizens.