Sociology / Soc 1532 · Atom · ~20 seconds
Socialism
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Socialism is an economic system with government or collective ownership of goods and production, aiming to share work and wealth.
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A centrally planned economy directs what industries produce and how profits are distributed, rather than leaving those decisions to private owners.
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Socialists disagree on how much of the economy should be controlled and at what level; no blueprint defines the system.