Article

                                                                     

                                     Socialism

Socialism is a philosophical, political and economic theory that land, transport, the chief industries, natural resources like coal, water, power and so on should be owned and managed by the state or by public bodies, and wealth equally distributed. There also include service and free medical treatment and medicine supplied by the government. Under this policy of government no individual can possesses private property or enjoy the profit of any industry by owning it privately. So socialism economic system in which a country’s trade and industry our organized and controlled weather. The chief elements being competition, profit, supply and demand and it is quite contrasting to socialism. So socialism and capitalism both have failed to bring the desired or dreamt utopia. And now democracy has taken their place.