What is socialism? Mention it's two features
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socialism is a collective ownership of resources.
In a socialist economy, there is great equality of income distribution as compared with a free market economy. The elimination of private ownership in the means of production, private capital accumulation, and profit motive under socialism prevent the amassing of large wealth in the hands of a few rich persons.
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A socialist economy is operated with the aim of providing equal opportunity for all citizens in earning incomes. Generally, private property is restricted to some basic needs. There is no amassing of wealth by a few. Wealth is also equitably distributed because private enterprise is given a limited role.
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