What is Socialism and how does it work?

A political and economic theory of social organization that advocates that the community as a whole should own or regulate the means of production, distribution, and exchange.

Socialism is an economic system where the ways of making a living (factories, offices, etc.) are owned by society as a whole, meaning the value made belongs to everyone in that society, instead of a group of private owners. People who agree with this type of system are called socialists.

Some of the Socialist countries:

Cuba, China, Vietnam, Russia, and North Korea.

 These countries incorporate characteristics of both socialism and communism. 

Read: What is capitalism and how does it work?