Question

what is socialism describe it ?

Answer 1

A economic system in which goods and services are provided through a central system of co-operative and government ownership rather than through competition and a free market system.
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Answer 2

Socialism is a populist economic and political system based on the public ownership (also known as collective or common ownership) of the means of production. Those means include the machinery, tools and factories used to produce goods that aim to directly satisfy human needs. Communism and socialism are umbrella terms referring to two left-wing schools of economic thought; both oppose capitalism, but socialism predates the "Communist Manifesto," an 1848 pamphlet by Karl Marx and Friedrich Engels, by a few decades.

In a purely socialist system, all legal production and distribution decisions are made by the government, and individuals rely on the state for everything from food to healthcare. The government determines outpjut and pricing levels of these outputs.