Answer:
Socialism is a political, social, and economic philosophy encompassing a range of economic and social systems characterized by social ownership of the means of production. ... Social ownership can be public, collective, cooperative, or of equity. Socialism is an economic and political system. It is an economic theory of social organization. It states that the means of making, moving, and trading wealth should be owned or controlled by the workers. This means the money made belongs to the workers who make the products, instead of groups of private owners.Socialist government is a form of government in which the means of production are owned by the government of the country. Social systems in this form of government are the ones are divided into the market and the non market forms. The means of transportation are controlled by the government here.