Socialism may be defined as a theory and a movement aiming at the collective organization of the community in the interests of the mass of the people through the common ownership and collective control of the means of production and exchange. Its essentials, according to Morrison are that all the great industries and the land should be publicly or collectively owned, and that they should be conducted (in conformity with a national economic plan) for the common good instead of for private benefit. The points need some explanation.