Under socialism, the government owns and operates selected major industries such as transportation, communications, and banking, but smaller businesses are privately owned.
Socialism is left-wing to some distance-left financial philosophy and movement encompassing a variety of financial systems characterized with the aid of the dominance of social ownership of the manner of production instead of private ownership. As a term, it describes the financial, political, and social theories and movements associated with the implementation of such systems.
Social possession can be country/public, community, collective, cooperative, or worker. while no single definition encapsulates the many styles of socialism, social possession is the one not unusual detail. distinctive types of socialism range based totally on the role of markets and planning in resource allocation, on the shape of management in businesses, and from below or from above methods, with some socialists favoring a celebration, country, or technocratic-driven technique.
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