Socialism is a political and economic system where the means of production and distribution are controlled by the state or a collective group of workers. It operates on a system of public ownership of resources and universal access to goods and services. Socialism promotes equal access to basic needs like food, healthcare, housing, and education. It seeks to create an economy where all citizens are provided with equal opportunities and where wealth is shared in a more equitable manner. Socialism is a system of organization that strives for social and economic justice, either through government or worker-led initiatives. Its goal is to provide basic security and well-being for all its citizens.
Capitalism and socialism are two different economic systems that have been the subject of debate for many years. Capitalism is based on private ownership and individual profit, while socialism relies…