Question on: JAMB Government - 2024
An economic system that encourages state ownership and control of the means of production is
A
socialism
B
communism
C
fascism
D
capitalism
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Correct Option: A
- Socialism: This economic system advocates for social ownership and control over the means of production, distribution, and exchange. This often involves the state or a collective of workers managing key industries and resources.
- Communism: While communism also emphasizes collective ownership, it envisions a stateless, classless society where resources are distributed based on need. It's a more radical form of socialism.
- Fascism: This system features strong centralized government, often with a single-party rule, and emphasizes nationalism. While the state may control the economy, it is for the benefit of the state, not the people.
- Capitalism: This economic system is characterized by private ownership of the means of production, free markets, and the pursuit of profit.
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