[Python] Running shell command and capturing the output

I want to write a function that will execute a shell command and return its output as a string, no matter, is it an error or success message. I just want to get the same result that I would have gotten with the command line.

What would be a code example that would do such a thing?

For example:

def run_command(cmd):
# ??????

print run_command('mysqladmin create test -uroot -pmysqladmin12')
# Should output something like:
# mysqladmin: CREATE DATABASE failed; error: 'Can't create database 'test'; database exists'

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