Public ownership of productive factors is a feature of_______?
Answer Details
Public ownership of productive factors is a feature of socialism.
In socialism, the means of production, such as factories, land, and natural resources, are owned and controlled by the state or the public. This means that the profits and benefits of production are distributed equally among the members of society rather than being controlled by private individuals or corporations.
Socialism is based on the belief that the economy should be organized to serve the needs of the people rather than the profits of private individuals or corporations. The public ownership of the means of production is seen as a way to ensure that the benefits of production are shared equally among all members of society, and that resources are used in a way that benefits everyone.
In contrast, capitalism is based on private ownership of the means of production, where individuals or corporations own and control the factors of production and operate in a competitive market to generate profits. Feudalism is a system where land and labor were controlled by nobility or landlords, and a mixed economy is a blend of both public and private ownership of the means of production.