Countries with socialist economies aspire to be "classless." b) Socialism involves an economic ideology in which the government or state plays a strong role in the economy and may own stakes in certain businesses. c) Socialistic countries put a high degree of importance upon worker and labor rights. d) Many European countries have strong socialistic orientations. e) Socialistic economies tend to be somewhat more collectively than individualistically oriented.

Question

Alberto

Business

27 January, 07:06

Countries with socialist economies aspire to be "classless." b) Socialism involves an economic ideology in which the government or state plays a strong role in the economy and may own stakes in certain businesses. c) Socialistic countries put a high degree of importance upon worker and labor rights. d) Many European countries have strong socialistic orientations. e) Socialistic economies tend to be somewhat more collectively than individualistically oriented.

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Natalie Hodge · Answer 1

Socialism involves an economic ideology in which the government or state plays a strong role in the economy and may own stakes in certain businesses

Explanation:

Socialism is an Economic system owned, managed & run by state (government). The central problems of economy : what, how, for whom to produce - are solved by state. State decisions are based on social welfare guidelines. Market forces are insignificant, private accumulation of property is not there.

However, in Capitalist system - resources are owned, managed, controlled by private sector. The central problems of economy are solved by private sector, as per market forces & profit maximisation guideline. Private accumulation of property is allowed. The system has two classes : Bourgeoisie (Capitalist wealthy entrepreneur class) & Proletariat (Labourers)

So, Socialism having everything under state control, has no classes - Bourgeoisie (entrepreneurs) & Proletariat (Labourers). Hence, it is a Classless Economic System