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What is socialism?
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Socialism is a political and economic system where the means of production are owned and regulated by the community as a whole.
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Who is often credited with the founding ideas of socialism?
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Karl Marx is often credited with the founding ideas of socialism, though there were others who contributed to its development.
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What is the goal of socialism?
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The goal of socialism is to achieve equality among members of society and to reduce class differences.
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How does socialism differ from capitalism?
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Socialism advocates for community or state ownership of resources, whereas capitalism promotes private ownership and profit.
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Name one country that has been known to implement socialist policies.
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Cuba is one country that has implemented socialist policies.
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What is a common critique of socialism?
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A common critique of socialism is that it can lead to lack of personal freedoms and reduced incentives for innovation.
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What is a planned economy?
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A planned economy is an economic system in which the government or central authority makes all decisions about the production and distribution of goods and services.
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What is public ownership?
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Public ownership is when industries and resources are owned and managed by the government or the entire community.
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What are welfare programs in socialism?
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Welfare programs in socialism are government initiatives designed to support disadvantaged citizens, reducing poverty and inequality.
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What is a mixed economy?
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A mixed economy combines elements of capitalism and socialism, featuring both private enterprise and government involvement.
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How can socialism promote social welfare?
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Socialism can promote social welfare by redistributing wealth to ensure all individuals have access to basic needs like healthcare and education.
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What is the role of the government in a socialist economy?
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In a socialist economy, the government plays a major role in planning and regulating economic activities to ensure equal distribution of resources.
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What does nationalization mean in the context of socialism?
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Nationalization in socialism refers to the transfer of private sector enterprises to government control.
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What is democratic socialism?
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Democratic socialism is a political ideology that advocates for political democracy alongside social ownership of the economy.
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Name one famous socialist leader.
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One famous socialist leader is Salvador Allende, the former President of Chile.
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