posted by Amy on .
Could someone explain what socialism is in a more easier way?
Socialism is an economic and political theory advocating public or common ownership and cooperative management of the means of production and allocation of resources. (Wiki)
would it mean more gov intervention
Socialists don't usually see it as government intervention. Socialism is the theory that the government is responsible for the well-being of all of its citizens. The U.S. has a mixed economy -- somewhere between a strictly market economy and socialism. We provide free education through high school, aid for the poor, and subsidies for some forms of public transportation. Socialism extends those services to include some or all of the following: health care, subsidies for garbage, water, electricity, heating oil, etc.
From http://www.answers.com/socialism --
"Any of various theories or systems of social organization in which the means of producing and distributing goods is owned collectively or by a centralized government that often plans and controls the economy."
Yes, it means more govt intervention.