Question

What was the basic idea of socialism and example

Answer 1

Answer:

Socialism is a political, social and economic philosophy encompassing a range of economic and social systems characterized by social ownership of the means of production and workers' self-management of enterprises. It includes the political theories and movements associated with such systems. Social ownership can be public, collective, cooperative or of equity. While no single definition encapsulates many types of socialism, social ownership is the one common element.