What is an example of socialism in a community?

Socialism is an economic system where everyone in society equally owns the factors of production. That ownership is acquired through a democratically elected government or through a cooperative or a public corporation in which everyone owns shares. The four factors of production are labor, capital goods, natural resources, and, in the modern era, entrepreneurship.

The former Soviet Union is an example of a socialist system. Cuba is an example of a socialist nation ... The country of North Korea is a socialist state, lacking a stock exchange, supporting many social programs, and the economy is state-run.