2011 - WAEC Government Past Questions and Answers - page 3

State capitalism is an economic system in which the state undertakes commercial economic activity and where the means of production are organized and managed as state-owned business enterprises, or where there is otherwise a dominance of corporatized government agencies or of publicly listed corporations in which the state has controlling shares. 

Capitalism is an economic system based on the private ownership of the means of production and their operation for profit. Characteristics central to capitalism include private property, capital accumulation, wage labor, voluntary exchange, a price system, and competitive markets.

Do not confuse these two terms as they both mean two seperate things. in a capitalist state, the government providess the framework for production activities and are incharge of economic activities within the state, while capitalism is one in which economic activities are carried out by private individuals with government supervision. 

Communism is a further development or "higher stage" of socialism. Communist society, which is the final aim of the struggle for emancipation of the working people in all lands, is the highest and most progressive stage of social development. Communist society passes through two phases of development

Colonialism is the policy of a nation seeking to extend or retain its authority over other people or territories, generally with the aim of opening trade opportunities.

communism is advocacy of a classless society in which private ownership has been abolished and the means of production and subsistence belong to the community while communalism is a system or theory of government in which the state is seen as a loose federation of self-governing communities.

Serfs A member of the lowest feudal class, legally bound to a landed estate and required to perform labor for the lord of that estate in exchange for a personal allotment of land.

As with slaves, serfs could be bought, sold, or traded, abused with no rights over their own bodies, and could not leave the land they were bound to. Serfs who occupied a plot of land were required to work for the lord of the manor who owned that land. In return they were entitled to protection, justice etc

An open  market economy, also known as a free enterprise system or capitalism, is an economic system wherein goods and services are exchanged freely on an open market.

Socialism is a political and economic system in which most forms of economically valuable property and resources are owned or controlled by the public or the state. The term socialism also refers to any political or philosophical doctrine that advocates such a system.

Fascism is a form of radical, right-wing, authoritarian ultranationalism, characterized by dictatorial power, forcible suppression of opposition, and strong regimentation of society and of the economy, which came to prominence in early 20th-century. characterized by extreme militant nationalism, hatred of communism and socialism, contempt for democracy, and belief in natural social hierarchy and the rule of elites, and the desire to create a Volksgemeinschaft (German: “people’s community”), in which individual interests would be subordinated to the good of the nation.

Under the feudal system land was granted to people for service. It started at the top with the king granting his land to a baron for soldiers all the way down to a peasant getting land to grow crops. The center of life in the Middle Ages was the manor. The manor was run by the local lord.

Feudalism first originated partly as a result of Viking and Muslim invasions. Kings were unable to defend their lands, and lands of their nobles. Nobles had to find a way to defend their own land. The manorial system was related to the feudalsystem and it governed medieval economics.

The principle of rule of lawis one whereby, all members of a society (including those in government) are considered equally subject to publicly disclosed legal codes and processes."  The phrase "the rule of law" refers to a political situation, not to any specific legal rule.

Use of the phrase can be traced back to 16th-century Britain, and in the following century the Scottish theologian employed it in arguing against the divine right of kings. wrote that freedom in society means being subject only to laws made by a legislature that apply to everyone, with a person being otherwise free from both governmental and private restrictions upon liberty. "The rule of law" was further popularized in the 19th century by British jurist . However, the principle, if not the phrase itself, was recognized by ancient thinkers; for example, wrote: "It is more proper that law should govern than any one of the citizens".