Based on the socio-political definition, Socialism is a system of government in which the government controls all the overall aspects of a nation's economy, including ownership, production, and distribution.
Practically, the socialist system can not fully succeed in today’s world. The reason is that humans are now favoring individualistic attitudes over conventional collectivism. As such, every man wants to be on his own and manage his resources.
Also, personal ambition would make the socialist system difficult, as some people would still want to control what is on the ground to their advantage.
Hence, in this case, it is concluded that Socialism has its merits and demerits, and the world is currently too dynamic for the socialist system to succeed fully.
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