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

B. socialism

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.