socialism is an economic system where the means of production are owned by the society as a whole, meaning the value made by workers belongs to everyone in that society, rather than a group of private owners and investors. it is an economic philosophy based on the principles of shared ownership and cooperation. production under socialism is meant to directly satisfy economic demands and human needs, rather than indirect satisfaction of needs through making profits and capital accumulation. the essential goal of socialism is to increase equality among members of society. some of the key tenets of socialism include: - collective or public ownership of major industries and resources - central planning and regulations to ensure equal distribution of wealth and fair provision of goods - production for social need rather than profit - cooperative management of the economy with socialism, the means of production are commonly owned by the community or state on behalf of its citizens. resource allocation and production are determined through central planning, with the goal of ensuring an equitable distribution of wealth and benefits to all members of society.
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