Question
Download Solution PDFConsider the following,
A. Socialism stands for equality
B. Socialism stands for the collection of private property
C. Socialism stands for the elimination of competition
D. Socialism aims at the elimination of capitalism
Choose the correct answer from the options given below:
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is A,C and D only.
Key Points
- The socio-economic philosophy is the source of the idea of socialism. the word was first used in the West in the early 19th century by Saint Simon.
- Socialism symbolizes morals, ethics, social cooperation and the upliftment of the poorer sectors. ideas of classlessness, cooperation, plenty, peace, liberty, equality, and fraternity, among others.
- It argues that the means of production must be reorganized, and collective ownership must be encouraged in order to eliminate private ownership.
- .Socialism stands for the elimination of competition
- Socialism aims at the elimination of capitalism
Additional Information
Types of Socialism
- Planned Socialism
- State Socialism
- Military Socialism
- Christian Socialism
Hence, the correct option is 2.
Last updated on Jun 22, 2025
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