What do you mean by economic socialism?

Business & Management
#1

Economic socialism is a system of production where there is limited or hybrid private ownership of the means of production (or other types of productive property) and a system of prices, profits, and losses is not the sole determinant used to establish who engages in production, what to produce and how to produce it. Segments of society band together to share these functions.
All the factors are considered, and society also plays a major role in this as the products or services should not harm society in any way.