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Consider the following statements about Socialism.

1. Socialism refers to a set of Political ideas that emerged as a response to the inequalities present in, and reproduced by, the industrial capitalist economy.

2. The main concern of Socialism is how to minimise existing inequality and distribute resources justly.


1. Only the statement 1 is correct
2. Only the statement 2 is correct
3. Both the statements 1 and 2 are correct
4. None of the above

1 Answer

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Best answer
Correct Answer - Option 2 : Only the statement 2 is correct

The correct answer is Only the statement 2 is correct.

  • Statement 1 is incorrect
  • Statement 2 is correct: The main concern of Socialism is how to minimise existing inequality and distribute resources justly.
  • Socialism
    • Socialism refers to a set of political ideas that emerged as a response to the inequalities present in and reproduced by the industrial capitalist economy.
    • The main concern of Socialism is how to minimise existing inequality and distribute resources justly.
    • Socialism is a populist economic and political system based on public ownership of the means of production.
    • Socialism is an umbrella term referring to two left-wing schools of economic thought; both oppose capitalism, but socialism predates the Communist Manifesto, and 1848 pamphlet by Karl Marx and Friedrich Engels, by a few decades.
    • Socialist ideals include production for use, rather than for-profit an equitable distribution of wealth and material resources among all people; no more competitive buying and selling in the market; and free access to goods and services.
    • Capitalism, with its belief in private ownership and the goal to maximize profits, stands in contrast to socialism.

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