Socialism is a political and economic theory advocating for the means of production, distribution, and exchange to be owned or regulated by the community as a whole. It emphasizes reducing inequalities through redistributing wealth and often involves various forms of social welfare systems.
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A socio-economic theory that underpins communism, developed by Karl Marx, focusing on class struggle and the need for workers' control over the means of production.
A government system that offers support to its citizens through services like healthcare, education, and financial aid, reflecting principles aligned with socialism by aiming to reduce economic inequalities