In historic times, the strength of ruling political party in a country especially socialist parties has had a lot of influence a nations economic system because of the ideology that Socialism is for the benefit of the People.
The idea of socialism is anchored on public benefits, hence it helps promote common wealth. This is because in a socialist democracy, the government controls almost all of society's functions, it can make better use of the factors of production such as labors and lands.
<h3>What is Socialism?</h3>
Socialism is both a political and economic theory which describes the general ownership of the factors of production by the people rather than the ownership of the factors of production by individuals (capitalism)
This economic system gives the government authority (through elected representatives) over the factors of production.
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