What is socialism in a sentence?

Definition of Socialism. a system of rule in which the government controls the main industries. Examples of Socialism in a sentence. 1. Under a system of socialism, the government manages the country’s major businesses.

What is the meaning of socialist in Indian Constitution?

The word socialist was added to the Preamble of the Indian Constitution by the 42nd amendment act of 1976, during the Emergency. It implies social and economic equality. Social equality in this context means the absence of discrimination on the grounds only of caste, colour, creed, sex, religion, or language.

What is the definition of socialism in economics?

I. Definition. Socialism is an economic philosophy based on the need for regulations on capitalism. Unchecked capitalism, most economists agree, can create serious problems in the long term, since short-term personal profit does not motivate companies to take care of infrastructure, the environment, or their workers.

How are the means of production owned in socialism?

Economics. The ownership of the means of production can be based on direct ownership by the users of the productive property through worker cooperative; or commonly owned by all of society with management and control delegated to those who operate/use the means of production; or public ownership by a state apparatus.

Which is the best definition of sosialisme?

(sō′shə-lĭz′əm) n. 1. Any of various theories or systems of social organization in which the means of producing and distributing goods is owned collectively or by a centralized government that often plans and controls the economy.

Is there such thing as modern day socialism?

What we can say is that modern-day socialism was born along with many other radical philosophies during the Enlightenment. Nearly all of our modern-day political philosophies are the children and grandchildren of the Enlightenment, including liberalism, socialism, conservatism, libertarianism, Communism, anarchism, and even fascism.

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