Which statement explains why this is a description of a socialist country?
Which statement explains why this is a description of a socialist country? The government is making all the economic decisions.
What did Karl Marx say about socialism?
The Marxist definition of socialism is that of an economic transition. In this transition, the sole criterion for production is use-value (i.e. direct satisfaction of human needs, or economic demands), therefore the law of value no longer directs economic activity.
What are the basic economic problems faced by a socialist economy?
Under socialist planning, government commands were used to allocate employment and thereby did not permit the hiring or firing of workers for strictly economic reasons. The problem with this was inefficient production, underemployment, and misallocations of labour.
What is socialism in political science?
Socialism is a political, social, and economic philosophy encompassing a range of economic and social systems characterised by social ownership of the means of production. It includes the political theories and movements associated with such systems. Socialist systems are divided into non-market and market forms.
How did Marxist socialism differ from utopian socialism?
What is this? Utopian socialism argues that, for change to be possible, moral values and external conditions must change whereas Marxism believes that revolution and socialism are the inevitable progression of the capitalist society.
Where are socialist countries?
Marxist–Leninist states
| Country | Since | Party |
|---|---|---|
| People’s Republic of China | 1 October 1949 | Communist Party of China |
| Republic of Cuba | 1 January 1959 | Communist Party of Cuba |
| Lao People’s Democratic Republic | 2 December 1975 | Lao People’s Revolutionary Party |
| Socialist Republic of Vietnam | 2 September 1945 | Communist Party of Vietnam |