write socialism in your words about 75 to 200 words from the chapter Russian revolution
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Socialism is an economic system where everyone in society equally owns the factors of production. The ownership is acquired through a democratically elected government. It could also be a cooperative or a public corporation where everyone owns shares. The four factors of production are labor, entrepreneurship, capital goods, and natural resources.
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Marx held that under socialism the government would be a dictatorship of the proletariat. ... The new socialist government set up in Russia after the victory of the revolution was composed of mass organizations called Soviets, councils democratically elected by workers, peasants and soldiers.
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