1.Socialism is an economic and political system based on public ownership of the means of production.
2.All legal production and distribution decisions are made by the government in a socialist system. The government determines
all output and pricing levels.
3.Citizens in a socialist society rely on the government for everything, from food to healthcare.
4.Proponents of socialism believe that it leads to a more equal distribution of goods and services and a more equitable society.
5.Examples of socialist countries include the Soviet Union, Cuba, China, and Venezuela.
6.Socialist ideals include production for use, rather than for profit; an equitable distribution of wealth and material resources among all people; no more competitive buying and selling in the market; and free access to goods and services.
7.Capitalism, with its belief in private ownership and the goal to maximize profits, stands in contrast to socialism.
8.While socialism and capitalism seem diametrically opposed, most capitalist economies today have some socialist aspects.