What is the term for the belief in state ownership of the means of production?

What is the term for the belief in state ownership of the means of production?

• A. Capitalism
• B. Socialism
• C. Communism
• D. Liberalism

Answer: (C)

This question focuses on who owns the productive resources in an economy. The belief that the means of production should be owned by the state or the community is a hallmark of communism. In this view, factories, land, and other major resources are not in private hands but are owned and controlled to serve the whole society, with the aim of eliminating class distinctions and distributing wealth more evenly. Capitalism centers on private ownership and market-based allocation of resources. Liberalism focuses on individual rights and limited government, not on who owns production. Socialism covers a range of arrangements between public and private ownership; some forms involve significant state ownership, but it does not universally insist on abolition of private property in the way communism does. So the term that best matches the idea of state ownership of the means of production is communism.

This question focuses on who owns the productive resources in an economy. The belief that the means of production should be owned by the state or the community is a hallmark of communism. In this view, factories, land, and other major resources are not in private hands but are owned and controlled to serve the whole society, with the aim of eliminating class distinctions and distributing wealth more evenly.

Capitalism centers on private ownership and market-based allocation of resources. Liberalism focuses on individual rights and limited government, not on who owns production. Socialism covers a range of arrangements between public and private ownership; some forms involve significant state ownership, but it does not universally insist on abolition of private property in the way communism does. So the term that best matches the idea of state ownership of the means of production is communism.