What is socialism?
Thank you so much in advance.

Answer and Explanation:

Socialism is essentially a type of government/economic system that advocates public ownership of businesses, properties, or natural resources. Basically, socialists support sharing wealth with an equal distribution of it and having the government make decisions with regards to the production of goods and the distribution of them. This is as opposed to capitalism, which supports private ownership and more freedom to the people to govern how much they want to produce and earn in return.

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by creating a labor shortage that pushed the continent toward a market economy

newly independent countries of the former ussr