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A system of economic organization where the workers collectively own and control the ‘means of production’ (things such as factories), rather than having them owned by just a few rich individuals.
In a capitalist economy, the means of production such as factories are owned by comparatively few people, which gives them a lot of power over workers and (theoretically at least) the ability to exploit the labor of those do not own the means of production. Socialism imagines an economy where the factories and other means of production are instead owned and controlled by the very people who work in them, and run to benefit those people rather than just a few already wealthy people.