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[Socialism](https://en.wikipedia.org/wiki/Socialism) is an economic and social system defined by **social ownership of the means of production**. (Workers democratically own and operate the places in which they work, as opposed to private control of production aka [capitalism](https://en.wikipedia.org/wiki/Capitalism)).
The [means of production](https://en.wikipedia.org/wiki/Means_of_production) are non-human inputs that help create economic value, such as **factories, industrial machinery, workplaces, large tracts of land**, etc. The means of production are the means of life. Socialists refer to the means of production as *capital*, or private property. Private property in the socialist context shouldn't be confused with [personal property](https://en.wikipedia.org/wiki/Personal_property#Personal_versus_private_property), such as your home, car, computer, and other possessions, which would be protected. Private property is in actuality a weasel-word for *absentee property*, whose ownership is claimed through title only (and not use), for the purpose of extracting rent from the *actual* users, occupants, or workers.
The [means of production](https://en.wikipedia.org/wiki/Means_of_production) are non-human inputs that help create economic value, such as **factories, industrial machinery, workplaces, large tracts of land**, etc. The means of production are the means of life. Socialists refer to the means of production as *capital*, or [private property](https://en.wikipedia.org/wiki/Social_ownership), IE, the things which give the people who own them power over those who don't. Private property in the socialist context shouldn't be confused with [personal property](https://en.wikipedia.org/wiki/Personal_property#Personal_versus_private_property), such as your home, car, computer, and other possessions, which would be protected. Private property is in actuality a weasel-word for *absentee property*, whose ownership is claimed through title only (and not use), for the purpose of extracting rent from the *actual* users, occupants, or workers.
In a capitalist society the means of production are owned and controlled privately, by those that can afford them (the capitalist, aka those with capital). Production is carried out to **benefit the capitalist** (production for profit). Workers are paid a wage, and **receive that amount regardless of how much value they produce**. Socialists call this difference the [surplus](https://en.wikipedia.org/wiki/Surplus_value), IE (worker value added - wage paid), or profit. A 1983 report by England national income and expenditures found that on average, 26 minutes of every hour worked(or 43% of labor value added) by English workers across a wide range of industries went to various exploiting or unproductive groups, with workers receiving only 57% of their pre-tax productive output as wages<sup>[1](http://ricardo.ecn.wfu.edu/~cottrell/socialism_book/new_socialism.pdf)</sup>. In other words, at least **40%** of the work you do every day is stolen.