Sociology / Unit 9 Soc 1532 short lesson, about 20 seconds
Socialism
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The idea
Socialism is an economic system with government or collective ownership of goods and production, aiming to share work and wealth.
In practice
A centrally planned economy directs what industries produce and how profits are distributed, rather than leaving those decisions to private owners.
Where people slip
Socialists disagree on how much of the economy should be controlled and at what level; no blueprint defines the system.
Your place on the trail
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