WHAt is socialism?mentionits 4 features
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Answer:
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. Social ownership can be public, collective, cooperative, or of equity.
Features of Socialism
The main features of socialism are as under
1. State ownership
All the factors of production are owned by the State. The government or the community owns the land and factories. There is no private sector.
2. Production and distribution by the State
State produces all goods and services in government factories and farms. It undertakes the distribution of goods to the people by itself.
3. Central Planning and control
There will be a planning authority in Socialism. This authority will decide what to produce, how to produce and for whom to produce. The planning Authority prepares the national plan for utilizing the resources of the economy. Production and distribution will be done accordingly. The price mechanism will be suppressed.
4. Controlled production and consumption
Production of essential commodities will be done first. Production is done not for profit, but for social use. Even if there is any profit, it will go to the State. Mass consumption will not be allowed. Each will be given according to his need.
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