What is correct about socialist ideology?

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Believes that individuals own the private property.

Believes that the property belongs to the society.

Believes that the profits of the property belong to individuals.

Believes that the profits of the property belong to nobody.

answer is B.

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Detailed Solution

According to socialist ideology, society owns all property. Property is viewed as belonging to society according to the sociopolitical and economic ideology of socialism. It rejects the idea of putting all the riches in the hands of a select few. It supports the idea that society's members own and manage property collectively. However, there are various perspectives on socialism. For instance, the Preamble's mention of socialism in the context of India is more akin to democratic socialism than state socialism. In accordance with state socialism, the means of production and distribution should be nationalised and private property should be abolished.

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