Vol. 7, Issue 1, Part E (2025)

Socialism is a system in which the state owns all elements of production, i.e., individual ownership is abolished and resources are directed to satisfy basic needs, not to achieve profit, but rather to achieve greater justice and equality among members of society in various economic and social fields.
It is an economic system in which the means of production are owned by the entire community (collective ownership) and the main objective of economic activity is to meet the growing needs of citizens. This results in the elimination of significant disparities in income and wealth among members of society, as the gap between classes narrows in a socialist society. Economic disparities among individuals are linked to differences in talents and actual and mental abilities, not to differences in ownership.