State the characteristics of socialist system
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Some of the principles of socialism include:
Public Ownership. This is the core tenet of socialism. ...
Economic Planning. Unlike in a capitalist economy, a socialist economy is not driven by the laws of supply and demand. ...
Egalitarian Society. ...
Provision of Basic Needs. ...
No Competition. ...
Price Control. ...
Social Welfare. ...
Social Justice.
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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. It includes the political theories and movements associated with such systems.
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