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, the setup is exactly opposite to that of a capitalist economy. In such an economy the factors of production are all state-owned. So all the factories, machinery, plants, capital, etc. is owned by a community in control of the State.

Detailed explanation-3: -Communism, also known as a command system, is an economic system where the government owns most of the factors of production and decides the allocation of resources and what products and services will be provided.

Detailed explanation-4: -Socialist states in the Marxist–Leninist sense are sovereign states under the control of a vanguard party which is organizing the country’s economic, political, and social development toward the realization of socialism.