WHAT IS THE MEANING OF SOCIALISM
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The political idea that is based on the belief that all people are equal and that money and property should be equally divided.
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Definition
Socialism is a political and economic theory of social organization which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole.
It is different from what is called as Communism .
Under communism, there is no such thing as private property. All property is communally owned, and each person receives a portion based on what they need.
But under socialism, individuals can still own property.
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