Explain the term Socialistic
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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 workers' self-management of enterprises. ... Socialist systems are divided into non-market and market forms.
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i) Any of various economic and political theories advocating collective or governmental ownership and administration of the means of production and distribution of goods.
ii) A system of society or group living in which there is no private property.
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