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V17@kbin.social ⁨7⁩ ⁨months⁩ ago

Did you mean "social democracy"? I don't think there's actual socialism anywhere there - that's still capitalism, only with a strong welfare system, which has downsides, but it's obviously viable at least in some societies.

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PeleSpirit@lemmy.world ⁨7⁩ ⁨months⁩ ago
It’s a combo of both socialism and capitalism by combining the two.

According to the socialist view, individuals do not live or work in isolation but live in cooperation with one another. Furthermore, everything that people produce is in some sense a social product, and everyone who contributes to the production of a good is entitled to a share in it. Society as a whole, therefore, should own or at least control property for the benefit of all its members.

This conviction puts socialism in opposition to capitalism, which is based on private ownership of the means of production and allows individual choices in a free market to determine how goods and services are distributed.

www.britannica.com/money/topic/socialism

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