Socialism

Socialism refers to any of various economic and political concepts of state or collective (i.e. public) ownership and administration of the means of production and distribution of goods and services, some of which have been developed into more or less highly articulated theories and/or praxis. [1] In a Marxist or labor-movement definition of the term, socialism is a stage of society in Marxist theory transitional between capitalism and communism and distinguished by unequal distribution of goods and pay according to work done with the goal of creating a socio-economic system in which property and the distribution of wealth are subject to control by the community. [1]

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 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. Society as a whole, therefore, should own or at least control property for the benefit of all its members.[2]

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[1] Wikipedia
[2] Encylopedia Britannica