What are the characteristics of socialism as an economic system?

Answer 1

It is 1) Nationalism, 2) Public welfare, 3)Taxation and 4) Centrally planned economy

Answer 2

• Efficient use of resources: The resources are utilized efficiently to produce socially useful goods without taking the profit margin into account. Production is increased by avoiding wastes of competition.
• Economic Stability: Economy is free from business fluctuations. Government plans well and everything is well coordinated to avoid over-production or unemployment. There is stability because the production and consumption of goods and services are well regulated.
• Maximization of Social Welfare: All citizens work for the welfare of the State. Everybody receives his or her remuneration. The State concentrates on the production of basic necessaries instead of luxury goods. The State provides free education, cheap and congenial housing, public health amenities and social security for the people.
• Absence of Monopoly: The elements of corporation and monopoly are eliminated since there is absence of private ownership. The state is a monopoly but produces quality goods at reasonable price.
• Basic needs are met: In socialist economies, basic human needs like water, education, health, social security, etc, are provided. Human development is more in socialist countries.
• No extreme inequality: As social welfare is the ultimate goal, there is no concentration of wealth. Extreme inequality is prevented in socialist system.

Answer 3

the community owns the factors of production

Answer 4

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