Question

What is the socialist system ? Write in 3 points?

Answer 1

Explanation:

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Answer :

• “Socialism refers to the government ownership of the means of production, planning by the government and income distribution”-Samuelson.
• Socialist means the system under which economic system is controlled and regulated by the government so as to ensure welfare and equal opportunity to the people in a society.
• The idea of socialism is first introduced by Karl Marx and Fredric Engles in their book, ‘The Communist Manifesto’.

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