Final answer:
Socialism is an economic system in which the means of production are collectively owned, usually by the government. It aims to reduce inequalities and promote equality among citizens.
Step-by-step explanation:
Socialism is an economic system in which the means of production are collectively owned, usually by the government. In a socialist society, the government owns and controls key industries and resources, redistributing wealth and ensuring social welfare. This is different from a capitalist system, where the means of production are privately owned by individuals or corporations. Socialism aims to reduce inequalities and promote equality among its citizens.
For example, in a socialist country, like Cuba or China, the government controls major industries such as healthcare, education, and transportation. They provide essential services to the population and ensure that everyone has access to these services, regardless of their socio-economic status.
It's important to note that socialism can take different forms and degrees of government control, ranging from democratic socialism with more emphasis on the rights of the individual to authoritarian socialism with extensive government control over the economy and individual liberties.
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