Socialism is a type of government where the people are given many benefits from the government, like health insurance and a pension. In return, the citizens have huge taxes to pay. Socialism is built around keeping the people of the country happy. Socialism has pulled through time and several wars, and it lives on in countries like Sweden, finland, Ireland, New Zealand, etc.
All About It
In the dictionary, the definition is "A political and economic theory of social organization that advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole." It basically means a government that is based on production of goods and services. The property, such as houses, is controlled solely by the state. Socialism feels that the citizens are not working alone, but working in cooperation all the time.This means that whoever contributes in the production deserves a piece of the pie, or gets their share of what they earn.