ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Democratic socialism propagates the socialist ideas in context with a democratic system. Society and economy in a Democratic Socialism are said to be run by the elected government. Through centralized planning, means of production are distributed equally in society, and everyone’s need is met.

Detailed explanation-2: -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-3: -A socialist economy features social rather than private ownership of the means of production. It also typically organizes economic activity through planning rather than market forces, and gears production towards needs satisfaction rather than profit accumulation.

Detailed explanation-4: -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-5: -A socialist economic system can also be called as command economy, centrally planned economy or controlled economy because the means of production and distribution are owned, controlled and regulated by the public, either through the state or through cooperatives.