Socialism (ˈsoʊ̯ʃəɫɪzm̩) is an economic system in which the means of production are publicly or commonly owned and controlled co-operatively, or a political philosophy advocating such a system. As a form of social organization, socialism is based on co-operative social relations and self-management; relatively equal power-relations and the reduction or elimination of hierarchy in the management of economic and political affairs.
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