Also known as Socialism
Socialism is an economic and political philosophy encompassing diverse economic and social systems characterised by social ownership of the means of production, as opposed to private ownership. It describes the economic, political, and social theories and movements associated with the implementation of such systems. Social ownership can take various forms, including public, community, collective, cooperative, or employee. As one of the main ideologies on the political spectrum, socialism is the standard left-wing ideology in most countries. Types of socialism vary based on the role of markets
Socialism is an economic and political philosophy where the means of production—like factories and resources—are owned by society collectively rather than by private individuals, with various forms including public, community, cooperative, or employee ownership. It matters because socialism represents one of the major ideologies across the political spectrum, shaping how different countries organize their economies and societies, with different versions varying in how much they rely on markets.
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