Socialism is a mode of production based on?

A. state ownership of the means of production
B. collective ownership of the means of production
C. national ownership of the means of productions
D. mixed ownership of means of production

Correct Answer:

Option A – state ownership of the means of production

Explanation

Socialism is a mode of production based on state ownership of means of production.

Socialism is an economic and political ideology in which there are collective ownership and control of the means of production, distribution, and exchange by the state in the interest of the people.

From the definition, it should be noted that the state controls the means of production, distribution, and exchange.

A look at some of the features of socialism will also establish the state ownership of means of production and they are as follows:

1. There is usually a single recognized political party.
2. The economy is centrally planned and controlled
3. Factories, land and other means of production are owned by the state
4. It encourages equality, social justice and provision of welfare services.