What political theory promotes state ownership of industry?

The correct choice is socialism, which promotes the idea of state or collective ownership of the means of production and industry. In a socialist framework, industries are often owned and managed by the government or cooperatives, with the goal of distributing resources and wealth more equitably among the population. This approach contrasts with capitalism, where private ownership prevails and market forces dictate production and distribution.

Socialism seeks to address economic inequalities by ensuring that the profits from industries benefit society as a whole, rather than being concentrated in the hands of a few individuals. This theoretical foundation is interconnected with the idea that the state can play a constructive role in managing the economy to serve the public interest.

Fascism, by contrast, allows for private ownership but emphasizes strong centralized control and often subordinates individual rights to the needs of the state. Communism is related to socialism but advocates for a classless society and the complete abolition of private property, progressing through state control of all aspects of the economy, which could be considered a more extreme form of socialism. Dictatorship refers to a form of governance where power is concentrated in the hands of a single ruler or small group, but it doesn’t inherently specify ownership styles of industry.