Question

Give any four features of socialism?

Answer 1

Main Features of Socialist Economy:

The main features of socialist economy 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.

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hope it helps you

Answer 2

Socialism has many features, its four important features are:

Socialism definition:

"a political and economic theory of social organization which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole."

Features of Socialism:

• Public Ownership: the means of production and distribution are owned by the government. All mines, farms, factories, financial institutions, distributing agencies (internal and external trade, shops, stores, etc.), modes of transportation, and communications are owned collectively. Government departments and state businesses own, control, and regulate them.
• Central Planning: "Major economic decisions—what and how much is to be produced, how, when, and where it is to be produced, and to whom it is to be given" is what central planning entails. It spells forth the numerous goals and objectives that must be met over the plan period. These obligations are carried out by the central planning authority.  It organizes and uses economic resources through the purposeful economic direction.
• Consumer Sovereignty: Under socialism, customer sovereignty means that output in state-owned industries is largely dictated by consumer desires, and available commodities are delivered to consumers at predetermined prices through state-run department shops. Under socialism, consumers' sovereignty is limited to the selection of socially useful items.
• Income Distribution Equality: In comparison to a free market economy, there is a lot of income equality. The abolition of private ownership of the means of production, private capital accumulation, and the profit motive prevents the accumulation of vast amounts of money in the hands of a few wealthy individuals. The state receives unearned money in the form of rent, interest, and profit, which it uses to provide free education, public health care, and social security to the people.

A socialist economy is a bureaucratic economy. People work because they are afraid of higher authorities, not because they are seeking personal gain or self-interest.