Socialism - SS1 Government Lesson Note

Socialism is an economic system where the means of production and distribution are owned and controlled by the state or by the workers themselves.

In a socialist system, goods and services are produced for the benefit of society as a whole, rather than for individual profit. Prices are typically set by the government, and resources are allocated according to the needs of the population.

Socialism aims to eliminate social and economic inequality and provide equal opportunities for all members of society. However, some argue that socialism can stifle innovation and creativity due to the lack of market competition.