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 aims to reduce social inequalities and promote collective welfare.
Analogy
Imagine a group project where everyone contributes their skills and resources for the benefit of the entire team. In socialism, society works together like a well-oiled machine to ensure that everyone's needs are met.
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.
"Socialism" appears in:
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