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Socialism is an economic, social, and political theory advocating collective or governmental control and administration of a country’s means of economic production.What does socialism mean in World History?
socialism, social and economic doctrine that calls for public rather than private ownership or control of property and natural resources. According to the socialist view, individuals do not live or work in isolation but live in cooperation with one another. Furthermore, everything that people produce is in some sense a social product, and everyone who contributes to the production of a good is entitled to a share in it.Why is socialism important to history?
Socialism emerged as a response to the expanding capitalist system. It presented an alternative, aimed at improving the lot of the working class and creating a more egalitarian society.What is the proper definition of socialism?
Socialism is a political, social, and economic philosophy encompassing a range of economic and social systems characterised by social ownership of the means of production, as opposed to private ownership. It includes the political theories and movements associated with such systems. Social ownership can be public, collective, or cooperative.