is an economic system in which the state (ideally representative of the people) owns the basic means of production.

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Socialism is the economic system in which the state owns the basic means of production, such as factories, mines, and other resources. This system values equality and collective ownership, rather than individual ownership and profit-maximization like in capitalism. In theory, socialism aims to eliminate class divisions and provide equal access to resources and opportunities.

Is an Economic System in Which the State (Ideally Representative