Topic Content:
- Definition of Socialism
- Answers to the Basic Economic Problems under the Socialist System
What is Socialism?
Socialism is an economic system, in which government owns major sources of production – factors, machinery, and equipment. Under this system, individuals may own small capital goods. Some refer to socialism as a Marxist economy, operating according to the doctrine of Karl Marx.
Answers to the Basic Economic Problems under the Socialist System are:
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