Question

1. What do you meant by socialism answer in brief

Answer 1

Socialism is a political philosophy which emphasises on the system of common ownership of the means of production, distribution and exchange. The concept of common ownership does not state that decisions are collectively made. It rather means that individuals in authoritative positions make necessary decisions on behalf of the collective group.

Socialism is against the concept of privatisation of property. It rather wants public ownership where the working class which plays a major role in production can decide collectively how wealth could be generated for th benefit of all.