2. What is socialism? Mention it's features.
Answers
Explanation:
meaning
Socialism as an alternative to capitalism, has the widest appeal
features
1. Socialism is Social or Collective Ownership of Resources
2.It is a Fully Planned Economy
3. It is the Responsibility of the Central Planning
Authority
4.It has Definite Aims and Objectives
Question:-
What is socialism? Mention it's features.
Answer:-
“Socialism is an economic organisation of society in which the material means of production are owned by the whole community and operated by representatives of the people, who are responsible to the community according to a general plan, all the members of community being entitled to the benefits from results of such socialised, planned production, on the basis of equal rights.”
There is no complete agreement as to what exactly socialism is. But the definition given by Prof. Dikinson seems to be better. Economist have compared socialism as a hat which has lost its shape because everybody wears it. It has been aptly remarked that “socialism has been called many things and many things have been called socialism”.
Key feature of socialism is state ownership of resources. In this system, the means of production and distribution is controlled by the government. The economy is centrally planned by the government so that the useful goods are produced with the objective to look after the needs of the poor section of the society as well. This system also ensures that the disparities in the income distribution becomes lesser.