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'''Socialism''' is an economic system where the means of production are monopolized and owned by the government, and where investments, production, distribution, income, and prices are determined by government laws that regulate the transfer of money, goods (including capital goods), and services primarily through taxation and regularized and institutionalized aggressive coercion.

'''Socialism''' is an economic system where the means of production are monopolized and owned by the government, and where investments, production, distribution, income, and prices are determined by government laws that regulate the transfer of money, goods (including capital goods), and services primarily through taxation and regularized and institutionalized aggressive coercion.

As a political ideology based on the distribution of wealth, socialism stresses the privileges of the many over the rights of the few, but in practice when socialist economic principles are forced onto a nation by a totalitarian government a new Upper Class appears which imuch better offer than the Lower Class. A prime example is the [[Soviet Union]] (see [[Nomenklatura]]).

As a political ideology based on the distribution of wealth, socialism stresses the privileges of the many over the rights of the few, but in practice when socialist economic principles are forced onto a nation by a totalitarian government a new upper class appears which imuch better offer than the lower class. A prime example is the [[Soviet Union]] ''(see [[Nomenklatura]])''.

Politically, socialism is democratic and has been responsible for the extension of the franchise to all adult citizens. Despite this, many of the most notoriously oppressive dictatorships have been socialist in name, such as the [[Soviet Union]]. As an economic theory, socialism calls for redistribution of wealth, through taxation of private wealth coupled with "progressive" social policy or directly via nationalisation and public ownership of property. Wage earners suffer under Socialism, as it is hard to get paid in a system that discourages private persons from accummulating income.

Politically, socialism is democratic and has been responsible for the extension of the franchise to all adult citizens. Despite this, many of the most notoriously oppressive dictatorships have been socialist in name, such as the [[Soviet Union]]. As an economic theory, socialism calls for redistribution of wealth, through taxation of private wealth coupled with "progressive" social policy or directly via nationalisation and public ownership of property. Wage earners suffer under Socialism, as it is hard to get paid in a system that discourages private persons from accummulating income.