Socialism is an economic system in which the means of production are publicly or commonly owned and controlled co-operatively, or a political philosophy advocating such a system. A primary goal of socialism is social equality and a distribution of wealth based on one's contribution to society, and an economic arrangement that would serve the interests of society as a whole. As a form of social organization, socialism is based on relatively equal-power relations
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Socialism is an economic system in which the means of production are publicly or commonly owned and controlled co-operatively, or a political philosophy advocating such a system. A primary goal of socialism is social equality and a distribution of wealth based on one's contribution to society, and an economic arrangement that would serve the interests of society as a whole. As a form of social organization, socialism is based on relatively equal-power relations, self-management and a reduction or elimination of hierarchical forms of management in the economic structure of society.
As an economic system, socialism is the direct allocation of capital goods (means of production) so that production is carried out for use, directly meeting economic demand, and accounting is based on some physical magnitude such as physical quantities or a direct measure of labour time. Goods and services for consumption are distributed through markets, and distribution of income is based on the principle of individual merit/individual contribution.
