how can socialism drive the economy through competition? provide examples

Expert Solution

Socialism :

socialism is an economic system where every individual in the society equally owns the factors of production.

The owner ship is acquired through a democratically elected government.

Socialists consider the individual and social needs and they allocate resources on their demand.

For example social needs are transportation , defense , education ,health care ,and protection of natural resources.

Due to capitalism ,socialism is reduced as competence increases.

Many countries follow both capitalism and socialism.

But Algeria , Angola ,Bangladesh , Guyana , Mozambique , portugal , srilanka these are socialist in their constitutions

Nightingale answered 2 years ago

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