Definition and meaning of socialism: Socialism is a socio-economic system in which the means of production and distribution of goods and services are collectively owned and managed by a government, or by the people themselves. This system is based on the idea of collective responsibility, and as such, it aims to ensure that everyone is provided with a basic level of economic security and stability, regardless of their individual economic standing. In practice, socialism seeks to reduce economic inequality by providing free or subsidized services such as healthcare, education, and housing. Additionally, it also seeks to ensure that workers have a greater say in their working conditions and the direction of their industries. This is done by providing additional labor rights, such as the right to collective bargaining and the right to organize. By providing greater economic security and stability, socialism can also help to reduce the power of large corporations and the two-party system. Additionally, it can help to provide more opportunities for independent candidates and reduce the influence of special interests.