What is the definition of “Socialism”?

Socialism is defined as an economic and political theory which covers economic and social systems that advocate that the means of production and distribution should be owned, controlled and regulated by the whole community.

Explanation:

In socialism, it is believed that social ownership can be collective, public or cooperative. Socialist has the believe that all things available in the society is made possible by the collective, collaborative and cooperative efforts of the people/citizens that make up the society.

In the socialist system, there are:

1. Non-market socialism

2. Market socialism

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explanation:

ich statement best shows a problem in travels with charley?

one sharp difficulty presented itself. in the intervening twenty-five years my name had become reasonably well known.

this being so, my trip demanded that i leave my name and my identity at home.

i had to go alone and i had to be self-contained, a kind of casual turtle carrying his house on his back.

with all this in mind i wrote to the head office of a great corporation which manufactures trucks.