USA HISTORY

Detailed explanation-1: -The goal of socialism is to create a society in which everyone has an equal share of resources and wealth. Socialist Economy is based on the principle of collective ownership . This means that the resources of society, such as land, factories, and businesses, are owned by the community, and not by private individuals.

Detailed explanation-2: -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, as opposed to private ownership.

Detailed explanation-3: -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 or work in isolation but live in cooperation with one another.

Detailed explanation-4: -Social ownership is the appropriation of the surplus product, produced by the means of production, or the wealth that comes from it, to society as a whole. It is the defining characteristic of a socialist economic system.

Detailed explanation-5: -However, we must be clear on the meaning of equality. Socialists favour a more equal distribution of wealth and income within society. This is in sharp contrast to liberals and to some extent conservatives who favour equality of opportunity (albeit for slightly different reasons).