Question

The system of social organization in which the means of producing and distributing goods is owned collectively or by a centralized government that often plans and controls the economy is called _____.

a) liberalism
b) socialism
c) cutilitarianism
d) capitalism

Answer 1

The answer is B. Socialism.

Step-by-step explanation:

Socialism is a philosophy related to political, social and economic aspects that includes some economic as well as social systems. These systems' characteristics are related to social ownership regarding the means of production, workers' self-management of enterprise, and the political theories and movements that have a relationship with these systems.

It exists many varieties in terms of socialism and this is the reason why there is no single definition that can be related to all of them. Social ownership is a common element among the different forms of socialism.