Question

What is socialism explain this term in detail

Answer 1

Socialism is a range of economic and social systems characterised by social ownershipand democratic control of the means of production, as well as the political theories and movements associated with them.Social ownership may refer to forms of public, collective or cooperative ownership, or to citizen ownership of equity. There are many varieties of socialism and there is no single definition encapsulating all of them, though social ownership is the common element shared by its various forms.