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Socialism
01
a political and economic principle in which main industries are controlled by the government and that wealth is equally divided among citizens
02
a political theory advocating state ownership of industry
socialism
n
social
n
Example
Critics of socialism argue that it can stifle innovation and efficiency due to excessive government control and lack of competition.
Proponents of socialism believe that it can create a fairer society by prioritizing collective well-being over individual profits.
Proponents of socialism argue that it can reduce economic inequality and provide better social services, such as healthcare and education, for all citizens.
Socialism advocates for the government to control major industries to ensure that wealth is distributed more equally among all citizens.
Socialism has been implemented in various forms around the world, with some countries adopting mixed economies that incorporate both socialist and capitalist elements.
