USA HISTORY

Detailed explanation-1: -Definition of Socialism. Socialism, a socio-economic system characterized by social ownership of the means of production, or cooperative control of the economy, with productive forces in common.

Detailed explanation-2: -Totalitarianism. A system in which the land and resources of a nation are controlled by a centralised authoritarian state that holds absolute political power, usually under a dictatorship or single political party.

Detailed explanation-3: -Socialism is a political philosophy and movement encompassing a range of economic and social systems, which are characterised by social ownership of the means of production, with an emphasis on democratic control, such as workers’ self-management, as opposed to private ownership.

Detailed explanation-4: -In the other, socialism, the state owns the means of production, and state-owned enterprises seek to maximize social good rather than profits.

Detailed explanation-5: -A command economy is an economic system where the government has control over the production and pricing of goods and services.