Socialism is a way of organizing a society where a major industries are owned and they are controlled by the government instead of individual people and companies. It is an economic and political system based on public or collective ownership of the means of production.
Socialism emphasizes equality rather than achievement. Review
articles are the summary of current state of understanding on a particular research topic. It is a political, social, and economic philosophy encompassing a range of economic and social systems characterised by social ownership of the means of production and workers' self-management of enterprises. It includes the political theories and movements associated with such systems. A socialist economy is a system of production where goods and services are produced directly for use, in contrast to a capitalist economic system, where goods and services are produced to generate profit (and therefore indirectly for use). "Production under
socialism would be directly and solely for use. Socialism within a country's economic systems, healthcare, education, corporations or other factions exist in these examples: The former Soviet Union is an example of a socialist system. Cuba is an example of a socialist nation. Its
economy is state run and it lacks a
stock exchange.
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