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Question
What is meant by Socialism?
One Line Answer
Short/Brief Note
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Solution 1
Socialism consists of one demand, namely that the land and other instruments of production shall be the common property of the people and shall be used and governed by the people, for the people.
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Solution 2
It is an economic system in which means of production are owned not by private individuals but by the community.
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Industrial Revolution - Comparative Study of Socialism and Capitalism
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