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Socialism is an economic system where the ways of making money (factories, offices, etc.) are owned by a 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.[1] There are two ways socialists think that society can own the means of making wealth: either the state (government of the country) is used or worker-owned cooperatives are used. Another important belief is that management and sharing are supposed to be based on public interests. Socialists believe that everything in society is made by the cooperative efforts of the people.
There are many kinds of socialism, so no one definition can apply to all of them; however, in all types, the workers supposedly own the means of production.[2] The major differences between the different varieties are the role of the free market or planning, how the means of production are controlled, the role of management of workers and the government's role in the economy.
In some major societies whose governments have called themselves Socialist, corruption, and lack of incentive for workers to produce, have reduced production and the average standard of living. Similar kinds of corruption have had other negative effects on societies considered Capitalist. However, in many of the societies of Western Europe which have adopted progress toward democratic Socialism, productivity, standards of living, incentives, and markers of personal happiness and security are very high.
Even though this has never yet happened, some socialists believe that socialism will over time turn into what they see as a more advanced system with no state, money, or social classes. Because the tools for making and distributing things are owned by everyone in socialism, more jobs will be replaced by machines until the amount of human work needed is made as low as possible, so they say that this will let everyone get what they want without using money. This is called Communism and these socialists are called communists.