4. What do you understand by the term 'socialism
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a political and economic theory of social organization which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole.
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socialism is a political, social and economic philosophy encompassing a range of economic and social systems characterised by social ownership of the means of production and democratic control for workers' is self management of enterprises... socialist system are divided into non market and a market forms
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