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Socialism is an economic system in which the means of production are publicly or commonly owned and controlled co-operatively, or a political philosophy advocating such a system. A primary goal of socialism is social equality and a distribution of wealth based on one's contribution to society, and an economic arrangement that would serve the interests of society as a whole. As a form of social organization, socialism is based on relatively equal-power relations, self-management and a reduction or elimination of… read more

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