what is socialism? mention any three features of socialism
Answers
Answer:
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Explanation:
socialism= 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.
mention any three features of socialism
(i) Collective Ownership. (ii) Economic, Social and Political Equality. (iii) Economic Planning. (iv) No Competition.
Answer: Socialists oppose capitalism. it refers to the economy where the means of production are owned by the state. Private companies are not allowed to freely manufacture.
Explanation:
In a socialist economy, private ownership is not allowed and all the means of production belong to the state. It totally opposes capitalism. All the factories, machinery, and capital, owned by a community under the control of the state. Benefits from the production of goods and services are distributed on the basis of equal rights.
Features of socialism-
- Equal Distribution-The socialist setup does not allow an individual to accumulate a lot of capital or wealth. All citizens enjoy equal resources and opportunities. All the resources must be distributed equally to all.
- Absence of market forces- The motive of the socialist state is the welfare of all. There is no profit-based price that will influence any product decisions. The pricing structure is set by the planning commission on the basis of their socio-economic objectives.
- Central Economic Planning- In a socialist society, there is always a central planning committee. This committee decides the means of production, and what is to be produced using the state resources. The aim is to fulfill the socio-economic goals of the state.
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