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Socialism is a term used in a political and economic system, which the people control both the government and significant elements of the economy, such as owning (or tightly regulating) factories. It refers to doctrines and practices sharing a pattern of family resemblances centred on the collective property, social equality, cooperation, and communal forms of economic and political association. Beyond these shared attributes, socialism as doctrine and practice is characterized by immense diversity and competing claims to authenticity, which belie the frequent eliding of socialism with Marxism. See Anarchism, Capitalism, Democracy

Sources and useful information

  • The Concise Encyclopedia of Sociology Edited by George Ritzer and J. Michael Ryan. Published 2011 by Blackwell Publishing

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