INDUSTRIAL REVOLUTION
PRE INDUSTRIAL EUROPE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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individuals and government share control of the factors of production.
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the government owns the means of production, but individuals operate them
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the government owns the means of production and operates them for the welfare of the people.
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individuals rather than the government control the factors of production.
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Detailed explanation-1: -Socialism definition may vary according to usage. The general socialism definition, broadly speaking, socialism is a political and economic system in which the means of production and property have public ownership and are not controlled by the government.
Detailed explanation-2: -Socialism is a political philosophy and movement encompassing a 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: -Socialism is an economic and political system based on collective ownership of the means of production. All legal production and distribution decisions are made by the government in a socialist system.
Detailed explanation-4: -Socialism is a social and economic doctrine that calls for public rather than private ownership or control of property and natural resources. According to the socialist view, individuals do not live or work in isolation but live in cooperation with one another.
Detailed explanation-5: -In socialist society power is in the hands of the working people, headed by the working class. They own the means of production. The labour-power used in socialist enterprises is not a commodity, since the working people who own the means of production, cannot sell their labour-power to themselves.