“Common ownership of the means of production.”
Socialism advocates collective ownership of industries, prioritizing redistribution and public welfare over private profit.
Sandinista Nicaragua (1979–1990) provides a model of socialist governance, combining state-led land reform, nationalization of key industries, and ambitious social programs with a one-party revolutionary government. While private enterprises remained in some sectors, opposition parties faced repression and press freedom was limited, making it a quasi-authoritarian leftist regime.