Government control of resources and centralized decision-making are characteristics of Socialism.
What is Socialism?
- Socialism is an extreme left-wing ideology. economic movement and philosophy that encompasses a variety of economic systems and is characterized by the predominance of social ownership—as opposed to private ownership—of the means of production.
- As a word, it refers to the ideologies and movements in economics, politics, and society that support the adoption of such systems. Social ownership may be communal, cooperative, or public.
- Social ownership is the one aspect of socialism that all forms share, notwithstanding the fact that no single definition can encompass all of them.
- Different forms of socialism differ in how markets and planning are used to allocate resources, how organizations are managed, and whether they take a top-down or bottom-up approach. Some socialists choose a party-, state-, or technocratically-driven approach.
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