WORLD HISTORY

Detailed explanation-1: -What Is Socialism? Socialism is a populist economic and political system based on collective, common, or public ownership of the means of production. Those means of production include the machinery, tools, and factories used to produce goods that aim to directly satisfy human needs.

Detailed explanation-2: -Socialism is both an economic system and an ideology (in the non-pejorative sense of that term). A socialist economy features social rather than private ownership of the means of production.

Detailed explanation-3: -What is socialism? Socialism is a 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: -Communism is based on the goal of eliminating socioeconomic class struggles by creating a classless society in which everyone shares the benefits of labor and the state controls all property and wealth.