People often set up business for themselves. The idea that some basic businesses such as steel mills, coal mines and utilities, should be owned and controlled by the government is indicative of socialism.
What is socialism
This is known as an economic system that is based on the foundation that some, if not all, simple or basic businesses e.g. steel mills, coat mines, and utilities should be the property of the government.
They believed that the profits from these business can be said to be evenly distrusted among the people but when they are in the hands of the government, it can be well used.
Brain Drain
The loss of the best and bright
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