Assertion A The emergence of economic globalism does not imply the decline of socialist ideology Rea...........

Economic Affairs Introduction

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Assertion (A): The emergence of economic globalism does not imply the decline of socialist ideology.

Reason (R): The ideology of Socialism believes in universalism and globalism.

In the context of the above two statements, which one of the following is correct?

Both A and R are true and R is the correct explanation of A

Both A and R are true, but R is not a correct explanation of A

A is true, but R is false

A is false, but R is true

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Explanation:

Globalism is the policy of placing the interests of the world above those of individual nations. This also means that there would be free movement of goods and services across national boundaries. Socialism is an economic system based on state ownership of means of production including capital. Universalism means application of certain basic principles at universal level.