Socialism: the Complete Definition
⚫Socialism is an economic and political system that advocates for public or collective ownership of production means.
⚫It aims to eliminate private control over the economy, promoting equitable distribution of resources and wealth.
⚫Socialist policies are designed to abolish class distinctions by managing economic activities through central planning.
⚫The ideology critiques capitalism, especially its creation of economic inequalities and prioritisation of profit over social welfare.
⚫Variants of socialism include Democratic Socialism, Market Socialism, and Revolutionary Socialism, each adapting core principles to different political and economic contexts.