A political system in which the state owns and controls the major means of production...
GOVERNMENT
WAEC 2018
A political system in which the state owns and controls the major means of production is known as?
- A. feudalism
- B. socialism
- C. fascism
- D. capitalism
Correct Answer: B. socialism
Explanation
Socialism, social and economic doctrine that calls for public rather than private ownership or control of property and natural resources. it is a political and economic theory of social organization which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole.
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