Question:
Which of the following is a process wherein socialist states guide economic growth through the planned allocation of public and human resources, as an alternative to allocation through the market?
Which of the following is a process wherein socialist states guide economic growth through the planned allocation of public and human resources, as an alternative to allocation through the market?
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Centralized planning is typical of socialist economies, where the government makes decisions regarding resource allocation.
Updated On: Nov 21, 2025
- Social capitalism
- Centralized planning
- Corporatism
- Developmentalism
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The Correct Option is B
Solution and Explanation
Step 1: Understanding the concept.
Centralized planning refers to a system in which the government or state controls and allocates resources to achieve economic growth and development, as opposed to market-driven mechanisms. This is characteristic of socialist economies where central authorities decide the allocation of public and human resources.
Step 2: Analyzing the options.
- (A) Incorrect, social capitalism involves a mix of state intervention and market economy, but it does not focus on centralized allocation.
- (B) Correct, centralized planning is exactly what is described: a process where the government allocates resources rather than the market.
- (C) Incorrect, corporatism involves the collaboration of government and business sectors, not the central allocation of resources.
- (D) Incorrect, developmentalism refers to economic development strategies but does not specifically involve centralized resource allocation.
Step 3: Conclusion.
Thus, the correct answer is (B) Centralized planning.
Centralized planning refers to a system in which the government or state controls and allocates resources to achieve economic growth and development, as opposed to market-driven mechanisms. This is characteristic of socialist economies where central authorities decide the allocation of public and human resources.
Step 2: Analyzing the options.
- (A) Incorrect, social capitalism involves a mix of state intervention and market economy, but it does not focus on centralized allocation.
- (B) Correct, centralized planning is exactly what is described: a process where the government allocates resources rather than the market.
- (C) Incorrect, corporatism involves the collaboration of government and business sectors, not the central allocation of resources.
- (D) Incorrect, developmentalism refers to economic development strategies but does not specifically involve centralized resource allocation.
Step 3: Conclusion.
Thus, the correct answer is (B) Centralized planning.
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