who owns the factors of production in socialism?
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Socialism is an economic system where everyone in society equally owns the factors of production.1 That ownership is acquired through a democratically elected government or through a cooperative or a public corporation in which everyone owns shares. The four factors of production are labor, capital goods, natural resources, and, in the modern era, entrepreneurship.
Socialists assume that the basic nature of people is cooperative. They believe that this basic nature hasn't yet emerged in full because capitalism or feudalism has forced people to be competitive. Socialists argue that the economic system must support this basic human nature before these qualities can emerge.
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