A political system in which the state owns and controls the major means of production is known as?
-
A.
feudalism -
B.
socialism -
C.
fascism -
D.
capitalism
Correct Answer: Option B
Explanation
Socialism, social and economic doctrine that calls for public rather than private ownership or control of property and natural resources. it is a political and economic theory of social organization which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole.