Which statement explains why this is a description of a socialist country?
The government is making all the economic decisions.
A socialist state, socialist republic, or socialist country, sometimes referred to as a workers' state or workers' republic, is a sovereign state constitutionally dedicated to the establishment of socialism.
A socialist economy is
a system of production where goods and services are produced directly for use
, in contrast to a capitalist economic system, where goods and services are produced to generate profit (and therefore indirectly for use).
Which type of economy is most prevalent in the world today? … In what kind of economy does the government own some of the factors of production? socialist. Which of the following lists economic systems in order from least to most flexible?
| Country Since Head of government china|- | Lao People's Democratic Republic 2 December 1975 Phankham Viphavanh (since 2021) | Socialist Republic of Vietnam 2 September 1945 Phạm Minh Chính (since 2021) |
|---|
socialism, social and economic doctrine that
calls for public rather than private ownership or control of property and natural resources
. According to the socialist view, individuals do not live or work in isolation but live in cooperation with one another.
Before the term was added by the 42nd Amendment in 1976, the Constitution had socialist content in the form of certain Directive Principles of State Policy. The term socialist used here refers to
democratic socialism
, i.e. achievement of socialist goals through democratic, evolutionary and non-violent means.
- (1) Public Ownership: …
- (2) Central Planning: …
- (3) Definite Objectives: …
- (4) Freedom of Consumption: …
- (5) Equality of Income Distribution: …
- (6) Planning and the Pricing Process: …
- (1) Greater Economic Efficiency: …
- (2) Greater Welfare due to Less Inequality of Income:
Socialist ideals include
production for use
, rather than for profit; an equitable distribution of wealth and material resources among all people; no more competitive buying and selling in the market; and free access to goods and services.
State socialism is a political and economic ideology within the socialist movement advocating state ownership of the means of production, either as a temporary measure or as a characteristic of socialism in the transition from the capitalist to the socialist mode of production or communist society.
Karl Marx described a socialist society as such: … The same amount of labor which he has given to society in one form, he receives back in another. Socialism is a post-commodity economic system and production is carried out to directly produce use-value rather than toward generating profit.
Socialism is defined as
an economic system in which the means of production are owned not by private individuals
but by the community in order that all may share more fairly in the wealth produced.
In theory, based on public benefits, socialism has
the greatest goal of common wealth
; Since the government controls almost all of society's functions, it can make better use of resources, labors and lands; Socialism reduces disparity in wealth, not only in different areas, but also in all societal ranks and classes.
- 5.1 Utopian socialism.
- 5.2 Communism.
- 5.3 Marxism. 5.3.1 Leninism and Marxism–Leninism. 5.3.2 Stalinism. …
- 5.4 Anarchism. 5.4.1 Mutualism. 5.4.2 Collectivist anarchism. …
- 5.5 Democratic socialism. 5.5.1 Social democracy.
- 5.6 Eco-socialism. 5.6.1 Green anarchism.
- 5.7 Liberal socialism. 5.7.1 Ethical socialism.
- 5.8 Libertarian socialism.
Communism Vs. Socialism. … The main difference is that under communism,
most property
and economic resources are owned and controlled by the state (rather than individual citizens); under socialism, all citizens share equally in economic resources as allocated by a democratically-elected government.
Capitalism is based on individual initiative
and favors market mechanisms over government intervention, while socialism is based on government planning and limitations on private control of resources.
The history of socialism has its origins in the 1789 French Revolution and the changes which it brought, although it has precedents in earlier movements and ideas.
(ii) Sovereign. People have supreme right to make decisions on internal as well as external matters. No external power can dictate the government of India. (iii) Socialist
. Wealth is generated socially and should be shared equally by society.
The word socialist was added to the Preamble of the Indian Constitution by the 42nd amendment act of 1976, during the Emergency. It implies social and economic equality. Social equality in this context means the absence of discrimination on the grounds only of caste, colour, creed, sex, religion, or language.
What is meant by ‘sovereign, socialist and secular' as the key words of our Constitution? Answer:
The Constitution of India declares India as a sovereign
, socialist, secular and democratic republic. … (iii) Secular The word ‘secular' signifies that the state has no official religion of its own.
The main features of socialist economy are as follows: i)
Collective Ownership.
ii) Economic, Social and Political Equality. iii) Economic Planning.
(i) Collective Ownership. (ii) Economic, Social and Political Equality. (iii) Economic Planning. (iv) No Competition.
(v) Positive Role of Government.
The sole objective of socialism is
the maximum social welfare of the society
. It means that there is no scope of exploitation of labour class.
Ans: A socialist economy does have certain advantages like,
Promotes the equitable distribution of wealth and social justice
.
It minimizes unemployment
.
Ensures
that all citizens have the means to achieve a minimum living standard.
Karl Marx's Theory:
He believed that
the condition of workers would never improve
, as long as profit is taken by the capitalists. Marx believed that to free themselves from the capitalists' exploitation, workers had to form a socialist society where all property was socially controlled.
Socialism is an economic and political system. It is an economic theory of social organization. It states that the
means of making, moving and trading wealth should be bought or controlled by the workers
. This means that the money made belongs to the workers who make the products, instead of groups of private owners.
