"What is Socialism?
Central to the meaning of socialism is common ownership. This means the resources of the world being owned in common by the entire global population.
But does it really make sense for everybody to own everything in common? Of course, some goods tend to be for personal consumption, rather than to share—clothes, for example. People 'owning' certain personal possessions does not contradict the principle of a society based upon common ownership.
In practice, common ownership will mean everybody having the right to participate in decisions on how global resources will be used. It means nobody being able to take personal control of resources, beyond their own personal possessions."