HISTORY
WORLD WAR I AND THE RUSSIAN REVOLUTION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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investors can finance new business opportunities by forming partnerships like joint stock companies
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colonies increase the wealth of the mother country by supplying cheap raw materials
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equality can be achieved by government ownership and management of property
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private ownership of industry is more efficient than state ownership
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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: -His theory has three main aspects: first, a materialist conception of history; second, a critique of capitalism and its inner workings; and third, an account of the revolutionary overthrow of capitalism and its eventual replacement by communism.
Detailed explanation-3: -Society will take all forces of production and means of commerce, as well as the exchange and distribution of products, out of the hands of private capitalists and will manage them in accordance with a plan based on the availability of resources and the needs of the whole society.
Detailed explanation-4: -Socialism, like communism, calls for putting the major means of production in the hands of the people, either directly or through the government. Socialism also believes that wealth and income should be shared more equally among people.
Detailed explanation-5: -Phase 1: A revolution must take place in order to overthrow the existing government. Phase 2: A dictator or elite leader (or leaders) must gain absolute control over the proletariat. Phase 3: Achievement of utopia. 04-Mar-2022