6. Write any features of Socialism. Mention three points.
Answers
Answer:
Explanation:
Socialism is Social or Collective Ownership of Resources:
In such an economy, all the means of production are owned and operated by the state in the interest of society as a whole. This is to ensure equality of opportunity to all the citizens with regard to earning of income. This is also aimed at full and efficient utilisation of the country’s resources.
2. It is a Fully Planned Economy:
A socialist economy is necessarily a fully planned economy otherwise the economic system cannot run. There is a choice between centralised and decentralised planning. All socialist economics were fully planned economics.
3. It is the Responsibility of the Central Planning Authority:
Planning is the responsibility of an authority at the centre. It may be known as the Planning Commission in India or the Gos plan in the U.S.S.R. The main task given to this body is to formulate long-term and short-term plans for the economy.