Socialism

Getting confused these days or the word socialism…I have?

What does socialism mean in simple terms today or what everybody seems to be using?

Socialism is an economic system where the ways of making a living (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.

Socialism – Simple English

What is the true definition of socialism? An economic system in which the production and distribution of goods are controlled substantially by the government rather than by private enterprise, and in which cooperation rather than competition guides economic activity. There are many varieties of socialism.