WORLD 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: -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).

Detailed explanation-3: -What are the three main goals of a socialist economic system? A planned economy, greater equality, and ownership of income-producing property by the state rather than private parties.

Detailed explanation-4: -Socialism is, broadly speaking, a political and economic system in which property and the means of production are owned in common, typically controlled by the state or government. Socialism is based on the idea that common or public ownership of resources and means of production leads to a more equal society.