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What does��socialistic mean?

Socialistic is an adjective used to describe things involving socialism, which is an ideology or system based on the collective, public ownership and control of the resources used to make and distribute goods or provide services. This involves ownership of such things not by private individuals but by the public (the community as a whole), often in the form of a centralized government.The things needed to make goods or offer services—the raw materials, tools, factories, and labor—are known as the means of production. Under socialism, the means of production are owned collectively, rather than by private enterprises.Socialistic can be used to describe things that relate to, resemble, support, advocate for, or operate under socialism, such as countries, economies, or programs. The adjective socialist is used in many of the same ways. Socialist can also be used as a noun to refer to someone who practices or supports socialism.Socialism is both a social and an economic theory, with many varying interpretations as to what it truly entails. In general, socialism values people working together to meet individuals’ needs. It’s based on the belief that everyone who helps create goods or services should have a share in them. To achieve that, socialism calls for the government to own the raw materials used to make goods, such as wood and metals, and everything you need to make things out of them, including machinery and factories. Some versions of the ideology are based on the belief that the government should also set all purchase prices and workers’ wages to ensure that everyone’s wealth stays equal. In this version of socialism, doctors, bakers, clerks, teachers, and accountants would all be paid the same.Many socialists think that essential services—such as healthcare, education, and even food—should be provided to the citizens by the government. The idea is that since community members worked together to produce those goods and services, everyone should have equal access to them.There are many common misconceptions related to socialism. One is that a nation cannot be both socialistic and democratic at the same time, yet many socialists agree with the idea of democracy.Another common misconception is that there is no private property in a socialistic society. But many people who consider themselves socialists are concerned only with property that has to do with production. In a society based on socialism, you could theoretically still have iPhones, jeans, and cars. The difference would be that the government would own everything required to make them. Abolishing private property is actually a part of communism, an ideology that is often confused with socialism. In Marxist theory, socialism is sometimes considered a middle stage in the transition from capitalism to communism.