What is socialism in economics?

Socialism describes any political or economic theory that says the community, rather than individuals, should own and manage property and natural resources. The term “socialism” has been applied to very different economic and political systems throughout history, including utopianism, anarchism, Soviet communism and social democracy.

What are examples of socialism?

View socialism within a country's economic systems, healthcare, education, corporations, or other factions in these examples. The Mondragon Corporation, a federation of co-ops that currently employs 85,066 people, is in the Basque region. The workers control the production and the money made from the production.

What is socialism based on?

Socialism is an economic, social, and political system based on public rather than private ownership of a country’s means of production. Means of production include the machinery, tools, and factories used to produce the goods needed to satisfy human needs.