WORLD HISTORY

Detailed explanation-1: -Socialism is an economic and political system based on collective ownership of the means of production. All legal production and distribution decisions are made by the government in a socialist system.

Detailed explanation-2: -In a socialist economy, there’s no competition in the market as the state has complete control over the means of production. Socialism meaning is that it evades the idea of class division as the means of production are distributed equally.

Detailed explanation-3: -Capitalism is based on individual initiative and favors market mechanisms over government intervention, while socialism is based on government planning and limitations on private control of resources. Left to themselves, economies tend to combine elements of both systems.

Detailed explanation-4: -Socialism is a post-commodity economic system and production is carried out to directly produce use-value rather than toward generating profit. The accumulation of capital is rendered insufficient in socialism as production is carried out independently of capital accumulation in a planned fashion.

Detailed explanation-5: -Public infrastructure-bridges, roads, electricity, water and sewer systems, and other government infrastructure-is considered socialist. It is usually owned and operated by the government and paid for by a mix of taxation and user fees.