imortant features of socialism
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Socialism is an economic system where everyone in the society equally owns the factors of production. The ownership is acquired through a democratically elected government. It could also be a cooperative or a public corporation where everyone owns shares. The four factors of production are labor, entrepreneurship, capital goods, and natural resources.
Socialism's mantra is, "From each according to his ability, to each according to his contribution." Everyone in society receives a share of the production based on how much each has contributed
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