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an economic system which puts property and wealth under "social control" - but what does that mean?
'''Socialism''' is an economic system.
'''Socialism''' is an economic system which puts property and wealth under "social control".
In its most extreme form, the means of production are monopolized and owned by the government, and investments, production, distribution, income, and prices are determined by government decrees that regulate the transfer of money, goods (including capital goods), and services primarily through taxation and regularized and institutionalized aggressive coercion.
In its most extreme form, the means of production are monopolized and owned by the government, and investments, production, distribution, income, and prices are determined by government decrees that regulate the transfer of money, goods (including capital goods), and services primarily through taxation and regularized and institutionalized aggressive coercion.