Question

What is socialism and mention its four features

Answer 1

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.

Four features of socialism are:-

1. Public Ownership
2. Central Planning
3. Definite Objectives
4. Freedom of Consumption

Answer 2

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.

Socialism is a body of ideas to restructure society on equal status. Itsfour features are: (i) Its is against ownership of private property. ... (iv)Socialism was in favour of cooperatives and that wages should be given according to work done.