Essay on Socialism Is A Type Of Economic And Political System

1369 Words 6 Pages
Today in our modern era there are different types of philosophies/economic systems that is used throughout the different countries such as capitalism, communism and socialism. Socialism is a type of economic and political system/theory. The basic principle of socialism centers on common ownership, this basically means that the entire population of the earth share ownership of the resources available. The main goal of socialism is to achieve equality between the members of the society, it focuses primarily on resources and the economy. The definition of common ownership does not pertain to personal possessions, it simply means that the people have the right to give their opinions and participate in the different decisions pertaining to the shared global resources that are not personally owned. In other words democracy is a very important aspect of socialism because it gives the people the right to express their opinions and vote on the favorable decision at hand regarding global and economical issues. The democratic decisions from socialism would be formed from local to global levels in order to achieve the final decision towards the solution for the issue. The basic gist of socialism gives everybody access to the resources, services and goods which they would need, everything would be democratic and there would be no mode of payment. Services would be voluntary and the people would volunteer on the work which would serve as something useful for them, this economic system…

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