Socialism expagorated

Imagine a classroom. In a capitalist classroom, all the desks and chairs might be owned by one student. That student could charge the other students rent to use the desks and chairs. In a socialist classroom, the desks and chairs would be owned by all the students together. They would decide how to use them and share them fairly.

Socialism is an economic system where the means of production are owned by the people. The means of production are the things that are used to create goods and services, like factories, farms, and office buildings. In a socialist system, the people would decide how these things are used and how the profits are shared.

Common goals of socialism

There are many different types of socialism, but some of the common goals include:

  • Providing everyone with a basic standard of living, such as food, shelter, and healthcare
  • Reducing income inequality
  • Giving workers more control over their workplaces