Socialism vs Market Economy
Socialism vs Market Economy is a Economy concept from the MPSC syllabus, tested in 2 past MPSC questions (2021). Below are those real questions with their correct answers and explanations, plus the concepts worth being comfortable with first.
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Real questions that test this
1991 साली स्वीकारलेले नवे आर्थिक धोरण _______. The New Economic Policy adopted in 1991 was _______.
The 1991 New Economic Policy introduced LPG (Liberalisation, Privatisation, Globalisation), moving away from state-controlled socialism towards a market-driven economy, meaning it was not at all related to socialist principles.
1991 साली भारत सरकारने स्वीकारलेल्या नवीन आर्थिक धोरणामुळे पुढीलपैकी कोणत्या मूल्याचे महत्त्व कमी झाले ? Which value cost its salience with the adoption of the 1991 New Economic Policy ?
(a)समाजवाद / Socialism
(b)धर्मनिरपेक्षता / Secularism
(c)लोकशाही / Democracy
(d)संघराज्यवाद / Federalism
The New Economic Policy (NEP) of 1991 introduced Liberalisation, Privatisation, and Globalisation (LPG), shifting focus toward market capitalism and reducing the prominence of traditional socialism.