Keyword Analysis & Research: definition of socialism in economics

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Frequently Asked Questions

What effect does socialism have on an economy?

Socialism supports government employment programs, universal health care, and generous payments to the unemployed or disabled . Although enthusiasm for such a policy has waned considerably in recent decades, socialism used to stand for the nationalization, or government ownership, of major industries in the economy.

What is the economic theory behind socialism?

Socialism is an economic and political system. It is an economic theory of social organization. It believes that the means of making, moving, and trading wealth should be owned or controlled by the government as a whole. This means the money made belongs to the people who make the things, instead of a group of private owners.

What is the proper definition of socialism?

Definition of socialism. 1 : any of various economic and political theories advocating collective or governmental ownership and administration of the means of production and distribution of goods. 2a : a system of society or group living in which there is no private property.

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