Socialism is a way of organizing a society where a major industries are owned and they are controlled by the government instead of individual people and companies. It is an economic and political system based on public or collective ownership of the means of production. Socialism emphasizes equality rather than achievement.Innovations are new idea, device or process. Innovations are the application of better solutions that meet new requirements, inarticulated needs or existing market needs. It is proficient through more effective products, processes, services, technologies, or new ideas that are readily available to markets, governments and society. Innovations are something original and novel, as a significant, new that breaks into the market or society.
Last date updated on June, 2014