COLD WAR ERA
IMPACT OF COLD WAR
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Economic Equality
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“Survival of the Fittest”
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Competiton
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Free Enterprise
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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: -A primary goal of socialism is social equality and a distribution of wealth based on one’s contribution to society, and an economic arrangement that would serve the interests of society as a whole.
Detailed explanation-3: -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).