Question

Give any four features of socialism within 75 words.

Answer 1

The main features of socialism are:

(a) The means of production arc collectively and socially owned and are not the property of private individuals as in capitalsim.

(b) Economic decisions regarding the allocation of resources to various ends, the goods to be produced and the methods of production are taken by a central authority and not left to the individuals as in the capitalist economies.

(c) The pricing process does not operate freely under the influence of market forces, but works under the control of the central planning authority.

(d) Broad objectives of a socialist economy are to increase the material and cultural standards of the people, to attain full employment and'to achieve economic equality.