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Consider the following statements about Socialism. 1. Socialism refers to a set of Political ideas that emerged as a response to the inequalities present in, and reproduced by, the industrial capitalist economy. 2. The main concern of Socialism is how to minimise existing inequality and distribute resources justly.

Consider the following statements about Socialism. 1. Socialism refers to a set of Political ideas that emerged as a response to the inequalities present in, and reproduced by, the industrial capitalist economy. 2. The main concern of Socialism is how to minimise existing inequality and distribute resources justly. Correct Answer Only the statement 2 is correct

The correct answer is Only the statement 2 is correct.

Key Points

  • Statement 1 is incorrect
  • Statement 2 is correct: The main concern of Socialism is how to minimise existing inequality and distribute resources justly.
  • Socialism
    • Socialism refers to a set of political ideas that emerged as a response to the inequalities present in and reproduced by the industrial capitalist economy.
    • The main concern of Socialism is how to minimise existing inequality and distribute resources justly.
    • Socialism is a populist economic and political system based on public ownership of the means of production.
    • Socialism is an umbrella term referring to two left-wing schools of economic thought; both oppose capitalism, but socialism predates the Communist Manifesto, and 1848 pamphlet by Karl Marx and Friedrich Engels, by a few decades.
    • Socialist ideals include production for use, rather than for-profit an equitable distribution of wealth and material resources among all people; no more competitive buying and selling in the market; and free access to goods and services.
    • Capitalism, with its belief in private ownership and the goal to maximize profits, stands in contrast to socialism.

Related Questions

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Which of the following statements are true/ false?
1. In the market economy, the prices are determined by the level of demand and supply in the market.
2. Mixed economy is an economic system in which both the private and public sector have equal roles to play.
3. Planned economy is also known as a centralised economy, controlled economy or command economy.
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. . . . . . . . of the Indian Constitution states that government should minimise the inequalities in income, and endeavor to eliminate inequalities in status, facilities and opportunities.
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