HISTORY
THE WORLD BETWEEN THE WARS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Capitalism
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Communism
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Socialism
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Mixed Economy
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Detailed explanation-1: -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. Socialism is based on the idea that common or public ownership of resources and means of production leads to a more equal society.
Detailed explanation-2: -Socialism is a political philosophy and movement encompassing a wide 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: -In a command economy, the government owns the factors of production; all decisions about land, labor, and capital are made by the state. Bureaucrats analyze enormous sets of data about current stock levels, predicted demand, and availability of resources.
Detailed explanation-4: -Utopian socialism. Scientific socialism. Communism. Marxism. Anarchism.