A __________ system practices both state ownership and extensive welfare benefits.
A)socialist
B)statist
C)welfare
D)laissez-faire

Question

Quizplus · Accepted Answer

A socialist system practices state ownership of the means of production and distribution, and also provides extensive welfare benefits to reduce socioeconomic inequality. Statist is a more general term that refers to a system where the government has considerable control over economic and social policies, but it does not necessarily involve state ownership or welfare benefits as a core feature. A welfare system refers primarily to the provision of social services and financial assistance to vulnerable groups, but it does not necessitate state ownership of the economy. A laissez-faire system emphasizes minimal government intervention in the economy and social affairs, which is the opposite of a socialist system.

A __________ System Practices Both State Ownership and Extensive Welfare