3. What do you understand by socialism? Explain its evolution. 

Socialism is a left-wing political, social, and economic philosophy encompassing a range of economic and social systems characterised by social ownership of the means of production,as opposed to private ownership.It includes the political theories and movements associated with such systems. Social ownership can be public, collective, or cooperative. While no single definition encapsulates the many types of socialism, social ownership is the one common element Different types of socialism vary based on the role of markets and planning in resource allocation, on the structure of management in organizations, and from below or from above approaches, with some socialists favouring a party, state, or technocratic-driven approach. Socialists disagree on whether government, particularly existing government, is the correct vehicle for change.

Socialist systems are divided into non-market and market forms. Non-market socialism substitutes factor markets and often money with integrated economic planning and engineering or technical criteria based on calculation performed in-kind, thereby producing a different economic mechanism that functions according to different economic laws and dynamics than those of capitalism. A non-market socialist system seeks to eliminate the perceived inefficiencies, irrationalities, unpredictability, and crises that socialists traditionally associate with capital accumulation and ______ __________ ___ ___ _____ ___ _____ ______ _______ _______ ______ _________.
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