Regulated by the whole community, Kind of.

What is socialism?

A theory of social organization that involves the means of production, distribution, and exchange that is owned and regulated by a community as a whole. Although, ownership doesn't mean decisions are made collectively, instead people in authority positions make decisions for the collective group. The main purpose of socialism is to remove inequality by ensuring a fair distribution of wealth.

The pros of socialism

Political Equality: Socialism increases workers rights and is more likely to allow more than two dominate political parties.

Medical Equality: Socialized healthcare means everyone receives the same minimum healthcare regardless of employment.

Social and Economic Equality: Public education, minimum wage, food stamps, public housing, and social security.

The cons of socialism

Higher Cost: Taxes are higher in a socialist economy.

Entrepreneurship: As a result of higher taxes, it would be harder for entrepreneurs to start a company.

Less Rags-to-Riches: Because people are guaranteed a minimum standard of living, there is less motivation to want to get a better paying job and/or a better education.

Inequality: It is impossible to completely remove all inequalities, therefor socialism doesn't completely work.

Communism: Socialism can often lead to communism.