Question
Public ownership is a cornerstone of a socialist economic system. True False
Answer
4.7
(165 Votes)
Upton
Elite · Tutor for 8 years
Answer
True
Explanation
The statement is discussing the characteristic of an economic system, socialism. In a socialist economic system, means of production are commonly owned, meaning that they're owned by the state or public. This collective ownership purportedly benefits the entire society, as contrasted with private ownership in a capitalist economic system, where individuals or corporations own the means of production. Individual or private benefits are subordinate to society's interests.