WORLD HISTORY

Detailed explanation-1: -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.

Detailed explanation-2: -Under market socialism, the production process is under the control of ordinary workers. The workers decide how resources should be distributed. The workers sell off what is in excess or give it out to members of the society, who then distribute resources based on a free market system.

Detailed explanation-3: -All legal production and distribution decisions are made by the government in a socialist system. The government also determines all output and pricing levels and supplies its citizens with everything from food to healthcare.

Detailed explanation-4: -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-5: -As such, factors of production, such as land and capital, are owned and regulated by the community as a whole under socialism.