One of the central questions of any political ideology is "Who should own and control the means the production?" (Means of production refers to factories, farmlands, machinery, office space, etc.) Generally there have been three approaches to this issue. 1.The first was aristocracy, in which a ruling elite owned the land and productive wealth, and peasants and serfs had to obey their orders in return for their livelihood. 2.The second is capitalism, which disbanded the ruling elite and allows a much broader range of private individuals to own the means of production. However, this ownership is limited to those who can afford to buy productive wealth; nearly all workers are excluded. 3.The third approach is socialism, which is defined as "the collective ownership and control of the means of production." That is, everyone owns and controls productive wealth, which is accomplished through the vote. As you can see, there is a spectrum here, ranging from a few people owning productive wealth at one end, to everyone owning it at the other. ====http://www.huppi.com I believe we are currently between 2 & 3 as we add more regulations, etc. to those that own & control production, due to flaws in Capitalism.