The ABC of Socialism

The ABC of Socialism refers to fundamental ideas: A) Abolition of private ownership of large means of production, aiming for communal ownership; B) Balanced economy emphasizing social welfare and equality; and C) Cooperative management of resources, where communities share benefits and decision-making. It promotes reducing income gaps and ensuring that resources serve everyone’s needs, not just profit. Socialism focuses on collective well-being, social justice, and fair access to opportunities, contrasting with capitalism’s emphasis on private ownership and individual profit.