Question
Explain Explain the following term : Socialist

Answer

  • Socialism is an ideology which advocates egalitarian society and a welfare state. It is opposed to concentration of wealth, economic disparity and exploitation of the poor by the rich. It advocates State control over all means of production. The USSR was the first socialist (communist) State in the world. The Indian Constitution has adopted democratic socialism; wherein there is mixed economy, control of the state over private sector, economic planning for social and economic development and emphasis on the promotion of welfare of the weaker sections of the society.

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