WESTWARD EXPANSION INDUSTRIALIZATION URBANIZATION 1870 1900
AMERICAN INDUSTRY DEVELOPMENT IN THE GILDED AGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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communism
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capitalism
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socialism
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autocracy
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Detailed explanation-1: -Socialism is an economic system where the means of production are owned by the community as a whole, and not by private individuals. The goal of socialism is to create a society in which everyone has an equal share of resources and wealth. Socialist Economy is based on the principle of collective ownership .
Detailed explanation-2: -Socialism is, broadly speaking, a political and economic system in which property and the means of production are owned in common, typically controlled by the state or government.
Detailed explanation-3: -Socialism is a post-commodity economic system and production is carried out to directly produce use-value rather than toward generating profit. The accumulation of capital is rendered insufficient in socialism as production is carried out independently of capital accumulation in a planned fashion.
Detailed explanation-4: -Communism is the system that socialism is supposed to grow into, over time. 1 A political and economic theory of social organization which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole.
Detailed explanation-5: -In the other, socialism, the state owns the means of production, and state-owned enterprises seek to maximize social good rather than profits.