Social ownership of the means of production refers to the ownership of the capital equipment and tools used in the production of goods and services by all of society. The concept of the "means of production" refers to large-scale capital goods and factor inputs that require social or collective effort to operate as opposed to personalized tools used in small-scale production, and thus often encompass the means of distribution and exchange.
It should be stated however, that "social ownership" is rarely used to define what is state socialism. In most discussions, this is described as "government ownership of the means of production".
Social ownership implies that the net product resulting from the production of goods and services accrues to all of society, with control of the means of production determined democratically by both users and workers who have a stake in their operation. There are generally two recognized forms of "social ownership", the first involving the proceeds generated by the use of the means of production being distributed among the worker-members of an individual organization; the second involving the proceeds of their operation being distributed to all members of society.
The second form of social ownership means society-wide ownership by a public institution distinguished from present-day states and governments as they exist under contemporary capitalism. This conception of social ownership is about distributing the economic surplus to the entire population as opposed to just those who make use of the tools of production.
Social ownership of the means of production is the major defining characteristic of socialism, which is frequently contrasted with capitalism and the concept of private ownership of the means of production.
State ownership is properties owned by the state.
This is one definition of "socialism." The social extension is called "communism" in that a classless society shares equally the responsibility and benefits of production.
. The following are the chief features of socialism:1. Common ownership: Socialism implies social ownership/state ownership of means of production. Common ownership means that the entire structure of production and all natural resources be held in common by all people. This means that every person will stand in equal relationship with every other person with respect to the means of producing the things we need to live, that is, mines, industrial plants, manufacturing units, all land and farms, and all means of transport and distribution. This also means the common ownership of all natural resources.2. It implies equality of incomes and equality.3. Economic planning is an essential features of socialism.4. Social welfare and social security.5. Classless society: Class is a social relationship that invades and has a corrupting influence on every part of our lives. In socialism, social relationships of common ownership and equality will end class divisions.6. Lack of incentive.
Karl Marx believed that the economic system, specifically the mode of production, defined the social structure of society. He argued that the division of labor and the ownership of the means of production created classes and determined social relationships.
Social ownership of the means of productionEconomic planning to coordinate production and investmentWorkers' self-management or collective-decision making in firms
The means of production is owned by the collective ownership of the workers.
Socialism is an economic system characterized by social ownership or control of the means of production and cooperative management of the economy, and a political philosophy advocating such a system.
Socialism is a system where the means of production are owned and controlled by the society as a whole rather than by individuals. This can be achieved through government ownership, cooperative ownership, or a combination of both.
Socialism
That would be state capitalism, with the government owning the means of production. In Socialism, there is no exchange, and the whole community owns the means of production.
Government ownership of most productive resources
the economy of the us is a
Mixed Economy