Question

what do you understand by SOCIALISM? explain in brief​

Answer 1

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Socialism is an economic and political system. It is an economic theory of social organization. It believes that the means of making, moving, and trading wealth should be owned or controlled by the government as a whole. ... People who agree with this type of system are called socialists.

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Answer 2

Answer:

SOCIALISM refers to any system in which the production and distribution of goods and services is a shared responsibility of a group of people.

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