Q-1. What is socialism ?
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socialism refers to a method for understanding and predicting social, economic and material phenomena by examining their historical trends through the use of the scientific method in order to derive probable outcomes and probable future developments.
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In a socialist economy, the entire foundation is based on socio-economic objectives. The welfare of the people takes precedence over the profit motive. And so all major factors and resources of production are in the ownership of the state itself.
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