ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Socialism definition may vary according to usage. The general socialism definition, broadly speaking, socialism is a political and economic system in which the means of production and property have public ownership and are not controlled by the government.

Detailed explanation-2: -Socialism is an economic and political system based on collective ownership of the means of production. All legal production and distribution decisions are made by the government in a socialist system.

Detailed explanation-3: -Socialism is a 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.

Detailed explanation-4: -Socialism is a political philosophy and movement encompassing a range of economic and social systems, which are characterised by social ownership of the means of production, as opposed to private ownership.

Detailed explanation-5: -Socialists were against private property. They saw it as the root of all social evils. ii) Socialists favored society as a whole rather than single individually owned property. More attention would be paid to collective social interests.