Question

What is meant by socialism

Answer 1

socialism means a social and economic system characterised by social owner of the means of production and cooperative management of the economy as well as a political theory and movement that aims at the establaisment of such a system.

Answer 2

socialism is a social and economic system characterised by social ownership of the means of production  and co-operative  management of the economy, as well as political theory and movement that aims at the establishment of such a system. social ownership  may refer to  co-operative enterprises.