Political Science · Political Theory
UGC NET October 2022 Political Science
Consider the following statements about socialism and choose the correct answer from the options given below:
- I. Socialism stands for equality.
- II. Socialism stands for the collection of private property.
- III. Socialism stands for the elimination of competition.
- IV. Socialism aims at the elimination of capitalism.
AI, II and III
BI, III and IV ✓ Correct
CII, III and IV
DI, II, III and IV
Correct answer: (B) I, III and IV — The correct statements about socialism are I, III and IV.
Explanation
★The correct statements about socialism are I, III and IV.
★Socialism stands for equality, aiming to reduce the gross inequalities thrown up by private wealth, so I is correct.
★It stands for the elimination of competition as the organising principle of the economy, favouring cooperation instead, so III is correct.
★It aims at the elimination of capitalism, replacing private ownership of the means of production with social ownership, so IV is correct.
★Statement II is wrong, since socialism stands for social or collective ownership, not for the holding of private property.
★So I, III and IV is the correct combination.
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