Socialism is an economic system where the government owns or controls major businesses, industries, and resources. Instead of allowing people to run their own businesses, the government takes control. The goal of socialism is to make everyone equal by controlling how money and goods are shared.

Key elements of a socialist system:

• Strong government control. Central government planners decide what products are made, how many are made, and how much they cost.
• Limited private ownership. People are restricted in what they can own, build, or sell.
• Rebalancing wealth. The government redistributes wealth. Money is taken through high taxes and given out based on government programs.
• Fewer personal freedoms. When the government controls the money and jobs, it often ends up controlling speech, choices, political influence, and personal freedoms. Government has a strong influence on education and culture.

Socialism has failed every time it has been tried, in every place it has been tried. Socialism always starts with big promises to give you free things. But to give you those things, the government first must charge you high taxes and limit your choices and your freedoms.

Related articles:

• Why Socialism Doesn’t Fit with American Principles
• Democratic Socialists of America (DSA)
• “Socialism” vs “Social Programs”
• Knowing the Labels: From the US Republic to Social Democracy, Socialism, and Communism
• See PragerU’s video series on Socialism 101:
  • “What’s Not to Love about Socialism?“
  • “Capitalism vs. Socialism“
  • “Capitalism or Socialism: Which One Is More Democratic?“
  • “How Socialism Ruined My Country“
  • “Is Denmark Socialist?“
  • “They Say Scandinavia But They Mean Venezuela“
  • “Why I Left Utopia“
• “Socialism vs. United Order,” Elder Marion G. Romney, General Conference Report, April 1966, p. 95.