Question

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Q- WRITE SOME FEATURES OF SOCIALISM.

(5 points)

Answer 1

Explanation:

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:

Answer 2

Features of socialism

1. 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.

4. It has Definite Aims and Objectives:

Socialist economy has specified aims or objectives. Generally, they are included in the constitution itself but these are given specific shape by the planners. As far as possible the objectives are clearly and quantitatively defined. The competitiveness on complementary among these objectives is explicitly noted. This is meant to bring planning nearer to reality.

5. Specific Long-Term Plans:

The Central Planning authority is given the respon­sibility to chalk out specific long-term plans for the country. These long-term plans are called “Perspective Plans”. These may range from twenty to thirty years. These are in the nature of a blue-print of the path the economies have to follow in the near future. These perspective plans may be modified with changes in basic structure and objectives of the economy. This requires the use of input and output and activity analysis.

6. Central Control and Ownership:

A fully planned economy is by implication a controlled economy. Government controls the main aspects of all economic activity. There are controls on production through licensing. Consumption is also controlled indirectly through controlled production. There are existing controls generally operated through the Central Bank of the economy.