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Socialism is not a form of government. It is an economic system much like capitalism, mercantilism and feudalism.

People support the basic idea of socialism for different reasons.

For economic reasons, one might support socialism as a means to "rationalize" the economic system by eliminating the boom-and-bust cycle inherent to capitalism, to allow for full employment, efficient use of resources, and public ownership over large industries so that the profits can be distributed more evenly amongst the population.

Socialism may also be supported by those who criticize capitalism on cultural and moral grounds.

Philosophically, socialism is advocated for greater equality, individuality as defined as enabling a greater scope for self-actualization and the expansion of democratic-decision making into the economic aspects of society.

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