Socialism
Definition 1 of 3
Pro Tip 1/3
State Control
Socialism emphasizes the role of the government in managing production and distribution. Under socialism, the government might run the railroads and hospitals.
Pro Tip 2/3
Not Communism
While similar, socialism and communism are not the same; socialism allows for some private ownership. Socialism allowed small businesses, unlike communism.
Pro Tip 3/3
Mixed Economies
Many countries use elements of socialism within a capitalist framework, creating a mixed economy. Canada's healthcare system is an example of socialism in a capitalist society.