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Socialism In The Real World

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According to Kerry Ferris and Jill Stein in The Real World: An introduction to Sociology, “socialism is an economic system based on collective ownership of the means of production, collective distribution of goods and services.” We can say socialism is common ownership or rights. This means the resources of the world being owned in common by the entire global population. In simple words, this is an economic system in which goods and services are provided through a main central system of loyal government ownership rather than through competition and a free market system. Socialism, as and substitute to capitalism, is an economic system which is measured and regulated by the government so as to ensure the welfare and equality of opportunity to
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