Question

explain socialist system
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Answer 1

Answer:

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, such as workers' self-management of enterprises. ... Social ownership can be public, collective, cooperative, or of equity

Answer 2

Socialism is a system that shares economic output equally throughout the population. It values the collective well-being of the community, rather than individuals. The government distributes resources, giving it greater control over its citizens