What Are The Main Features Of Socialism?

Characteristics of Socialism.

We can define Socialism as a command economy with regulated price and no private property and where the Labor is given more importance and with central planning systems where What, How For whom to produce is decided by the government and non-existence of Consumer Sovereignty.

Now we will see the features of Socialism:

Command Economy: CentralPlanning and strict Bureaucracy is the main feature of Socialistic Economy.  It directs all Political and Social Activities.

Limited Role of Market.

Generally the Market is determined by Demand and Supply and here as the Government decides the production allocation of resources it is having minimum role to play.

No private ownership of property or factors of production. The government is the owner of all properties. Only a little Private property is allowed and no property rights, hereditary rights.

Central Planning.
The main feature of Socialism is central planning which decides the basic problems like a) what to produce? B) How to produce? C) For whom to produce? The Central
Planning committee sets the goals for the economy and also he time frame within
these goals are to be realized.

Social Security and welfare:  In a Socialistic Economy the government decides all economic decisions and sets the goal of the economic welfare and security of weaker sections of society and aged people.     

Interests of society, things belong to everyone, everyone should be the same.
*hope that helps u!
- Miyuki Minasan

Socialism is a social system in which the means of production and distributing goods are owned collectivley and political power