Socialism

Definition

Socialism is an economic system where society as a whole (usually through government) owns and controls means of production such as factories, land, resources etc., instead of them being owned by individuals or corporations.

Related terms

Communism: An extreme form of socialism where all property is publicly owned and each person works according to their abilities and needs.

Capitalism: An economic system where trade, industry, and means of production are largely controlled by private owners for profit.

Marxism: A theory developed by Karl Marx which advocates for workers' rights and criticizes capitalism.