ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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: -This means of production is the physical and labor capital that is used to produce the different goods in society. In strict communist theory the “means of production” is collectively owned by the people in a community, to insure that all the people will get the products that they themselves desire.

Detailed explanation-3: -There is no government or private property or currency, and the wealth is divided among citizens equally or according to individual need. Many of communism’s tenets derive from the works of German revolutionary Karl Marx, who (with Friedrich Engels) wrote The Communist Manifesto (1848).

Detailed explanation-4: -Communism, also known as a command system, is an economic system where the government owns most of the factors of production and decides the allocation of resources and what products and services will be provided.