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Socialism and democracy cannot be compared because socialism is an economic system while democracy is a political ideology. 2. Economic systems like socialism and political ideologies like democracy can co-exist in the same society. 3.What is the actual meaning of socialism?
Socialism is when the means of production is socially owned. It should be noted that there's no single definition of the word socialism as there are many variations of socialism. It can be centralized, decentralized, or even both. It can be libertarian or authoritarian, and it can be a market economy or a planned economy.What does socialism do to a country?
There are some facts about socialism that are beyond dispute. At its simplest, socialism calls for a nation's citizens to control at least some of its means of production ‚ÄĒ the major ingredients needed for a healthy economy. Think infrastructure, energy, natural resources.