What is the formal 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. Social ownership can be public, collective, cooperative, or of equity.

What is the definition of communism and socialism?

Both socialism and communism are essentially economic philosophies advocating public rather than private ownership, especially of the means of production, distribution and exchange of goods (i.e., making money) in a society.

What is the meaning of socialism?

so·​cial·​ism | \\ˈsō-shə-ˌli-zəm \\. 1 : any of various economic and political theories advocating collective or governmental ownership and administration of the means of production and distribution of goods.

What is socialsocialism?

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. It includes the political theories and movements associated with such systems.

What is the form of ownership in socialism?

Such a form of ownership is granted through a democratic system of governance. Socialism has also been demonstrated through a cooperative system in which each member of the society owns a share of communal resources. The rule of engagement in a socialistic system is that each person receives and contributes according to his ability.

What is the relationship between socialism and economics?

Exploring the parallel between the political and economic systems, socialists have argued that democratic principles should apply in the economic arena as they do in the political domain, as economic decisions, like political decisions, have dramatic consequences for the freedom and well-being of people.