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Thursday, August 27, 2015

Socialism is an economic concept that advocates public ownership of all resources. The production and distribution of resources with a society are then controlled by members of that society collectively or by the government that represents that society. Goods are produced and distributed based on need rather than on market forces such as profitability, price and consumers' purchasing power. In a socialist economy, workers contribute to society based on their ability and receive according to their needs, rather than being paid wages and using that money to purchase what they want. Private possessions are limited to personal-use items such as clothes, and there is no need or ability for individuals to accumulate wealth, so there is equality among the people.

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