Final answer:
Socialism is an economic system where government owns and controls basic businesses, contrasting with capitalism where most property is privately owned.
Explanation:
Socialism is the economic system where basic businesses such as steel mills, coal mines, and utilities are owned and controlled by the government. This system contrasts with a capitalist economy, where most property is privately owned by individuals or corporations. Within socialism, there are differing views on the extent of government control over the economy.
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