Asia Minor is a geographic region in the south-western part of Asia comprising most of what is present-day Turkey. The earliest reference to the region comes from tablets of the Akkadian Dynasty (2334-2083 BCE) where it is known as âThe Land of the Hatti â and was inhabited by the Hittites.
What is 'Socialism'. Socialism is a populist economic and political system in which the means of production operate under public political ownership, sometimes called common ownership. Common ownership under socialism may take shape through technocratic, oligarchic, totalitarian, democratic or even voluntary rule. All legal production and distribution decisions are made by the ruling class.
Definition: Socialism is a political term applied to an economic system in which property is held in common and not individually, and relationships are governed by a political hierarchy. Common ownership doesn't mean decisions are made collectively, however.