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What is the definition of socialism for dummies?

What is the definition of socialism for dummies?

Socialism is an economic and political system where the community or state owns the general means of production (i. e. farms, factories, tools, and raw materials.) This is different from capitalism, where the means of production are privately owned.

Can you own a business in socialism?

in a socialist world anyone can try to start a business, as all you need is proper community support and trust in your competence and idea. Well, regardless of the society, most businesses require resources other than community support and human labor to get started.

What is the definition of socialism in politics?

Socialism. Emeritus Professor of Political Science, Arizona State University, Tempe. Author of Reappraising Political Theory and others. Socialism, social and economic doctrine that calls for public rather than private ownership or control of property and natural resources. According to the socialist view, individuals do not live

How are the means of production owned in socialism?

Economics. The ownership of the means of production can be based on direct ownership by the users of the productive property through worker cooperative; or commonly owned by all of society with management and control delegated to those who operate/use the means of production; or public ownership by a state apparatus.

How are people supposed to live under socialism?

According to the socialist view, individuals do not live or work in isolation but live in cooperation with one another. Furthermore, everything that people produce is in some sense a social product, and everyone who contributes to the production of a good is entitled to a share in it.

Which is the moral and economic superiority of socialism?

Socialist ideology asserts the moral and economic superiority of an economy with these features, especially as compared with capitalism.