Socialism is a social and economic system characterized by social ownership of the means of production and a cooperative management of the economy , as well as a political ideology and movement aimed at establishing such a system. That is, it is a socio-economic system in which the ownership of wealth and money is not socially or state-controlled, that is, no individual ownership. In a socialist system, products are produced according to the needs of the people. In a socialist economy, factories , mines , lands, etc. of a country are considered as social or state property.