Question

Write the features of socialist Economy.

Answer 1

ANSWER

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The features of socialist economy are as follows :-

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1.Social Property :-

In a socialist economy, all properties belong to the society.The private property is totally abolished. All the means of production such as land,mines,factories,banks are owned by the state.

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2.Government is the only producer :-

In a socialist economy, the production of various commodities is under the control of government. Hence, all the basic and central probelems are solved by the government.

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3.Social welfare :-

Social welfare is the chief motivating force behind all activities. The motive of profit in capitalism is replaced by the social welfare motive under socialism.

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4.Economic Planning :-

A socialistic economy is basically a planned economy.Planning takes the place of market mechanism in a socialist economy.

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