The main Characteristics of Socialism : 1. Public ownership: it has the ownership of all the means of production and distribution. This is also known as collective ownership whereby all means are owned, controlled and regulated by state. The basic motive of government is not profit but to get targeted objects. 2. Planned Economy: state is responsible to plan all the economic activities like production, exchange and consumption. 3. Classless Society: everyone is equal as far as economic status is concerned. 4. State is responsible for basic necessities of life: mainly there are six basic needs in life and such needs are promised by state. Needs will be provided without any discrimination. 5. Equal Opportunity: state provides equal opportunity for all. Every potential individual will take into account as per the skills, talent and ability which will determine the success. Thus, their economic rights are automatically protected by their duties. 6. Non-existence of Competition and limited choice of consumer products: there is absence of competition in the market. The state has full control over production of goods and services. 7. Pricing Mechanism: the pricing process under the control and regulation of the central planning authority.
Posted on: Tue, 06 Jan 2015 03:14:03 +0000
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