Democratic socialism refers to a socialist economy where the production and decision-making process is collectively owned, and the state provides essential services to the people. Democratic socialism combines the ideas of democracy, capitalism, and socialism into one governing and social entity (Schumpeter, 2021). The objective of democratic socialism is to attain socialist goals of equality for all while still maintaining the democracy of the people and opposing socialism philosophy. Democratic socialism combines capitalism and socialism. Socialism ideology is concerned with more excellent equal distribution of resources and the abolition of free markets, promoting state-controlled markets (Democratic Socialist of America, 2019). Socialism aims to run the country in the interest of society rather than the individual interest. Even though the state and people control the factors of production are involved in the decision-making process, democratic socialism opposes authoritarian governance and promotes equality of the people.
