Socialism is defined as:
“an economic system of government which advocates state ownership of the means of production with equal distribution of goods among the people.”
- Socialist governments own the banks, car companies, farmlands, factories, and stores, and is the only employer and consequently owns the means of production. The government controls all investments, production, distribution, income, and prices, as well as all organizations, schools, news media and formerly private societies.
- Socialism is the antithesis of capitalism, opposes private ownership of capital or land, and rejects the free market in favor of central planning.