GK
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Socialism is in favour of
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Free Competition
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Planned economy
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Unplanned economy
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Equal opportunities
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Explanation:
Detailed explanation-1: -Socialists favour a more equal distribution of wealth and income within society. This is in sharp contrast to liberals and to some extent conservatives who favour equality of opportunity (albeit for slightly different reasons).
Detailed explanation-2: -In the 1840s a new type of economic theory emerged in the literary circles known as “The Communist Manifesto”. Written by Karl Marx with Fredric Engels it propounded a new and unique concept of an economy of a country. This came to be known as a socialist economy.
Detailed explanation-3: -Public or collective ownership of the means of production. Central planning of the economy. Emphasis on equality and economic security. Goal of reducing class distinctions.
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