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Socialism is an economic system characterized by social ownership of the means of production and co-operative management of the economy.
Social ownership may refer to cooperative enterprises, common ownership, state ownership, citizen ownership, or any combination of these.
Many varieties of socialism differ in the type of social ownership advocated. .
A socialist economic system is based on the precept where the production of goods and services directly satisfy economic demand and human needs where objects are valued based on their use-value or utility, as opposed to being structured upon the accumulation of capital and production for profit.
Social ownership may refer to cooperative enterprises, common ownership, state ownership, citizen ownership, or any combination of these.
Many varieties of socialism differ in the type of social ownership advocated. .
A socialist economic system is based on the precept where the production of goods and services directly satisfy economic demand and human needs where objects are valued based on their use-value or utility, as opposed to being structured upon the accumulation of capital and production for profit.