WORLD HISTORY

Detailed explanation-1: -Due to its practical challenges and poor track record, socialism is sometimes referred to as a utopian or “post-scarcity” system, although modern adherents believe it could work if only properly implemented.

Detailed explanation-2: -The word “socialism” is perhaps most associated with countries such as the former Soviet Union and China under Mao Zedong, along with present-day Cuba and North Korea. These economies conjure the idea of totalitarian leaders and public ownership of virtually all productive resources.

Detailed explanation-3: -Some nations combine elements of both capitalism and socialism and are called social democracies, while their combination of capitalism and socialism is called democratic socialism.

Detailed explanation-4: -Socialism is an economic and political system in which the workers or the government own the buildings and tools that make goods and services like farms and factories. This can be achieved through decentralized and direct worker-ownership, or through centralized state-ownership of the means of production.

Detailed explanation-5: -The main difference is that under communism, most property and economic resources are owned and controlled by the state (rather than individual citizens); under socialism, all citizens share equally in economic resources as allocated by a democratically-elected government.