Correct option is A
The Correct Answer is: (a) Socialism
Explanation:
A socialist economy is characterized by collective or state ownership of means of production, a central planning authority that regulates economic activities, and a focus on social welfare rather than profit.
A socialist economy is characterized by collective or state ownership of means of production, a central planning authority that regulates economic activities, and a focus on social welfare rather than profit.
In this system:
The government controls the allocation of resources and distribution of goods.
Major industries are owned and operated by the state.
The aim is to reduce economic inequality and provide equitable access to basic services such as education, healthcare, and housing.
Countries like the former USSR, Cuba, and to some extent India (pre-1991) followed the socialist model, especially during their early development stages.
Information Booster:
• The Planning Commission in India (1950–2014) functioned as the central authority for economic planning, similar to socialist economies.
• Public sector undertakings (PSUs) dominated key industries in India until the LPG reforms of 1991.
• The concept is rooted in the ideas of Karl Marx and Friedrich Engels, though distinct from communism.
• The Indian Constitution reflects socialist ideals in its Preamble (added by the 42nd Amendment Act, 1976).
• The Planning Commission in India (1950–2014) functioned as the central authority for economic planning, similar to socialist economies.
• Public sector undertakings (PSUs) dominated key industries in India until the LPG reforms of 1991.
• The concept is rooted in the ideas of Karl Marx and Friedrich Engels, though distinct from communism.
• The Indian Constitution reflects socialist ideals in its Preamble (added by the 42nd Amendment Act, 1976).
English
100 Questions
100 Marks
90 Mins
