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Abstract. 1  In an attempt to prepare parents on methods to improve their children's overall chances of success in life, it is important to examine the factors that lead to academic success and fulfillment. Hirschi's social bonding theory (1969) highlights key components that facilitate greater accomplishments in life.
Socialism has three key elements: 1  Social ownership: Methods of production are owned by the society through collective bodies. Income inequality disappears in an ideal socialist word. 2  Restrictions on exchange. A lot of the exchange happens through controlled ways, such as union negotiations, government bodies. 3  Planned economy.