Socialism is best described by the following statement: C. Government ownership of major public services.
Socialism can be defined as an economic, social, and political theory which asserts that the method of exchange, distribution, as well as the means of production of goods and services and ownership of properties should be controlled or regulated by the public (government), rather than the private sector.
This ultimately implies that, everyone living in a socialist society has an equal share of the means of production that are used in producing goods and services.
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