socialism is an economic system in which the means of production are publicly or commonly ownedand controlled co-operatively, or a political philosophy advocating such a system.[1][2] 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.[3][4]
Socialist economies are based upon production for use and the direct allocation of economic inputs to satisfy economic demands and human needs (use value); accounting is based on physical quantities of resources, some physical magnitude, or a direct measure of labor-time.[5][6] Goods and services for consumption are distributed through markets, and distribution of income is based on the principle of individual merit/individual contribution.[7]
so THIS is IT !!!
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