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Public ownership is a cornerstone of a socialist economic system. True False

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Public ownership is a cornerstone of a socialist economic system.
True
False

Public ownership is a cornerstone of a socialist economic system. True False

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UptonElite · Tutor for 8 years

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<p> True</p>

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<p> 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.</p>
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