ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The statement is false. A socialist country is a type of country where the government takes a high amount of taxes from the different corporate organizations and the citizens.

Detailed explanation-2: -Capitalism is based on individual initiative and favors market mechanisms over government intervention, while socialism is based on government planning and limitations on private control of resources. Left to themselves, economies tend to combine elements of both systems.

Detailed explanation-3: -Socialism shaped the principal economic and social policies of the Indian government but mostly followed Dirigisme after independence until the early 1990s, when India moved towards a more market-based economy.

Detailed explanation-4: -Socialism for the rich and capitalism for the poor is a classical political-economic argument asserting that, in advanced capitalist societies, state policies assure that more resources flow to the rich than to the poor, for example in the form of transfer payments.