Definition of Socialism

Socialism – Definition, Features, Pros & Cons

Socialism – Definition, Features, Pros & Cons

Socialism is an intermediate or transition stage between capitalism and communism. It is both an economic and political concept. As an economic concept, socialism means an economic system in which the means of production (i.e land, labour, capital) are controlled mainly by the state. Most economic activities in a socialist state are performed by the government and its agencies.