Question

Which of the following countries is a socialist country?
A) Pakistan
B) China
C) Nepal
D) USA

Answer 1

Hint:
Socialism is characterised by ‘public ownership’ of the factors of production. It is a political, economic and social philosophy wherein the economic and political systems are based purely upon the collective ownership of all the means used to produce goods and services for human needs.

Complete step by step solution:
China is a Socialist country. Deng Xiaoping introduced economic reforms in China and since then, the country has a Socialist market economy. This means it is a country which has dominant state- owned enterprises used to produce goods and services for the betterment of people.
The Communist Party in China makes sure that individuals do not live or work in isolation but live in cooperation with one another. Everything produced by the Chinese people is in some sense a social product, and everyone who contributes to the production processes is entitled to a share in it. Hence, the society as a whole owns or at least controls property for the benefit of all the members.
Socialism works in opposition to Capitalism, which is based on ‘private ownership’ of the means of production and allows individual choices in a free market to determine how goods and services are produced and distributed.
Socialism originated as a political movement in the Industrial Revolution.

Note:
People’s Republic of China is the world’s only socialist state explicitly aiming to build Communism. The Chinese government is also described as authoritarian and corporatist with heavy restrictions in many areas, eg: free access to the internet, freedom of press, the right to have children, freedom of religion etc.