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What was socialist system?

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What was socialist system?

Posted by Ishant Singh 7 years, 2 months ago

CBSE > Class 09 > Social Science

1 answers

Yogita Ingle 7 years, 2 months ago

A "socialist" economy/system is the one whose production process is socialist, as in the the resources are owned collectively and production is done only for direct use. Socialism is one of the five production processes,other being,primitive,slavery, feudalism,capitalism.The profit motive is not the major concern of producers under socialism.

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