What is Socialism? | History, Meaning, Pros and Cons of 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.
In contrast to capitalism, whereby business owners control the means of production and pay wages to workers to use those means, socialism envisions shared ownership and control among the laboring class.
In a purely socialist system, all production and distribution decisions are made by the collective, directed by a central planner or government body.
Worker cooperatives, however, are also a form of socialized production.
Socialist systems tend to have robust welfare systems and social safety nets so that individuals rely on the state for everything from food to healthcare.
#socialism #socialisteconomy #samajwad #samajwadi #upsc #history #state_pscs #economicpolicy #economy
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