Question

7. What is socialism? Mention its four features?​

Answer 1

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Socialism is a political, social and economic philosophy encompassing a range of economic and social systems characterised by social ownership of the means of production and workers' self-management of enterprises. ... Social ownership can be public, collective, cooperative or of equity.

The main features of socialism are as follows:

(i) Collective Ownership:

(ii) Economic, Social and Political Equality:

(iii) Economic Planning:

(iv) No Competition:

(v) Positive Role of Government:

(vi) Work and Wages According to Ability and Needs:

Answer 2

Answer:

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