Question

What do you mean by Socialism? Mention its merits.​

Answer 1

Answer:

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Answer 2

Socialism is a populist economic and political system based on public ownership (also known as collective or common ownership) of the means of production. Those means include the machinery, tools, and factories used to produce goods that aim to directly satisfy human needs.

1. greater economic efficiency;
2. welfare due to less inequality;
3. absence of monopolistic practices; and four, absence of business fluctuations.

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