Broadly speaking, those who argue that the means of economic production should be owned by the government or the people are considered which of the following?

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Law

Plato

9 May, 17:49

Broadly speaking, those who argue that the means of economic production should be owned by the government or the people are considered which of the following?

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Bugsy · Answer 1

Broadly speaking, those who argue that the means of economic production should be owned by the government or the people are considered as socialists.

Answer: Option D

Explanation:

Socialists are those people who believe in the concept of Socialism as a method of Governance within a state. Socialism is a form of governance wherein the major means of production within the nation are owned and controlled by the Government so as to create parity amongst the citizens where income is concerned.

The concept of Socialism is entirely different from the concept of Capitalism which relies heavily upon profit generation as a motivation for conducting business; Socialism focuses on the welfare of the citizens.