what does this mean?

It takes a village to raise a child

What impact does this have on juvenile justice system?

http://en.wikipedia.org/wiki/It_Takes_A_Village

You can find more references if you Google "it takes a village" (including the quotation marks).

So, if it "takes a village" to raise a child, is the entire village responsible if the kid turns out to be a serial killer?? or is the kid to be held responsible for his own actions?

??

In addition to the fine references posted by Writeacher, I'd like to throw my two cents in. In a village or a close neighborhood, most adults will correct a misbehaving child or tell his/her parents. Children know they're being watched and according to this theory, will be better behaved. The broader implication is that we should all work together to raise our world's children.