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Meaning, Features, Functions, Branches & Why We Study Government | Week 13 Topics1 Quiz
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State; Meaning & Features, Nation, Society, Features of Society | Week 23 Topics1 Quiz
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Basic Concepts of Government - Power and Authority | Week 34 Topics1 Quiz
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Basic Concepts of Government Continues: Political Culture, Political Socialization and Legitimacy | Week 47 Topics1 Quiz
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Basic Concepts of Government Continues: Communalism, Socialism and Communism | Week 56 Topics1 Quiz
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Basic Concepts of Government Continues: Capitalism, Aristocracy, Oligarchy, Nazism etc | Week 66 Topics1 Quiz
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Basic Concepts of Government Continues: Fascism, Feudalism and Totalitarianism | Week 74 Topics1 Quiz
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Basic Concepts of Government Continues: Democracy and Sovereignty | Week 84 Topics2 Quizzes
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Structure and Characteristics of Government; Unitary System of Government, Republicanism | Week 94 Topics1 Quiz
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Military System of Government and Monarchy Form of Government | Week 106 Topics1 Quiz
Quizzes
Topic Content:
- Definition of Socialism
- Features of Socialism
What is Socialism?
Socialism is a political and economic system in which the state owns and controls the means of production, distribution, and exchange. It can also be defined as an economic and political system in which there is the existence of public enterprise for the benefit of all.
The theory of socialism was pronounced by Karl-Marx (a German (1818-1883)), and Friedrich Engels (also a German (1820-1895)) and was first practised in Russia, and at one time or the other, this system was also practised by China, Romania, Poland, Ethiopia, Tanzania, etc. Socialism was pronounced as a result of the negative effect of capitalism.
The two main types of Socialism are Democratic Socialism and Marxian or Authoritarian Socialism.
Features of Socialism:
(i) There is the existence of a public enterprise.
(ii) The economy is centrally plannedA centrally planned economy or command economy, is an economic system where the government has complete control over the production and distribution of goods and services. The government decides what to... More and controlled.
(iii) There is the existence of a one-party system. This party controls the government.
(iv) The essence of engaging in production, distribution, and exchange is to satisfy the needs of the people and not to maximize profit
(v) Any form of opposition whether by criticizing or forming an opposition party is not allowed.
(vi) There is full employment for all able-bodied citizens.
(vii) There is the existence of free social amenitiesSocial amenities, or public amenities, refer to places, buildings or infrastructural facilities which are to be shared and to become convergence spots for the local and surrounding communities. Examples include good... More e.g. education and health.
(viii) There is an equitable distribution of income.
(ix) SocietyThe term society is derived from the Latin word 'socius' meaning friendship or companionship. Society is a community, nation or group of people who share the same traditions, institutions, rules and... More is not stratified.
(x) All members of the state cooperate to sustain the economy.
