Socialism is a populist, economic and political system based on public ownership (also known as collective or common ownership) of the means of production. Those means include the machinery, tools, and factories used to produce goods that aim to directly satisfy human needs.
The former Soviet Union is an example of a socialist system. Cuba is an example of a socialist nation. Its economy is state run and it lacks a stock exchange. ... The country of North Korea is a socialist state, lacking a stock exchange, supporting many social programs, and the economy is state-run.
