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Question
With reference to the Industrial Revolution explain the following:
The basic features of socialism
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Solution
Socialism was a reaction to the evils of capitalism. Socialism is a system under which there is no private ownership of capital. People in a socialist set-up would not be divided into rich and poor classes. The means of production (capital) is owned by society as a whole and everybody would work and share equally the profits, i.e., the fruits of their labour. Thus, exploitation would be wiped out and a classless society based on economic and social equality would be established.
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