(...) This person is a socialist. > A. Socialist is a person who believes in or belongs to a party that supports socialism. Socialism is an economic system where everyone in society equally owns the factors of production (ownership is acquired through the government). The most economic decisions have to be made by central planning, as in a command economy. Socialism assumes that the basic nature of people is cooperative.
There are many varieties of socialism and there is no single definition (encapsulating all), with social ownership being the common element shared by its various forms.