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 and democratic control, such as workers' self-management of enterprises.
- Public Ownership.
- Planned Economy.
- Classes of Society.
- State is responsible for basic necessities of life.
- Equal Opportunity to all.
- Non-existence of competition and limited choice of consumer products.
- Pricing Mechanism.
- Public ownership of economic resources.
- Planned Economy.
- Classless society.
- Socialism provides equal opportunity.
- Non-existence of competition and Limited choice of consumer products.
- Pricing mechanism.
- Public Ownership. This is the core tenet of socialism. …
- Economic Planning. Unlike in a capitalist economy, a socialist economy is not driven by the laws of supply and demand. …
- Egalitarian Society. …
- Provision of Basic Needs. …
- No Competition. …
- Price Control. …
- Social Welfare. …
- Social Justice.
- The main features of socialist economy are as follows:
- (i) Collective Ownership:
- (ii) Economic, Social and Political Equality:
- (iii) Economic Planning:
- (iv) No Competition:
- (v) Positive Role of Government:
- (vi) Work and Wages According to Ability and Needs:
Citizens in a socialist society rely on the government for everything, from food to healthcare. Proponents of socialism believe that it leads to a more equal distribution of goods and services and a more equitable society. Examples of socialist countries include
the Soviet Union, Cuba, China, and Venezuela
.
1 :
any of various economic and political theories advocating collective or governmental ownership and administration
of the means of production and distribution of goods. 2a : a system of society or group living in which there is no private property.
- Public ownership. One of the primary components of a socialist economy is that it has public property entirely on the production facilities. …
- Self-managed economy. …
- Centralized Planning. …
- Political Socialism. …
- Definite objectivism. …
- Freedom of consumption. …
- Equal Income distribution. …
- Pricing and the Planning Process.
greater economic efficiency; two, welfare due to less inequality; three, absence of monopolistic practices;
and four, absence of business fluctuations. We discuss these merits of socialism one by one.
Democratic socialism can be characterised as follows: Much property held by the public through a democratically elected government, including most major industries, utilities, and transportation systems. A limit on the accumulation of private property. Governmental regulation of the economy.
A socialist economy features
social rather than private ownership of the means of production
. It also typically organizes economic activity through planning rather than market forces, and gears production towards needs satisfaction rather than profit accumulation.
This brand of socialism believes in: …
Redistribution of income and wealth through a progressive tax system and welfare state
. Ownership of key public sector utilities, such as gas, electricity, water, railways. Private enterprise and private ownership of other industries.
In theory, based on public benefits, socialism has
the greatest goal of common wealth
; Since the government controls almost all of society's functions, it can make better use of resources, labors and lands; Socialism reduces disparity in wealth, not only in different areas, but also in all societal ranks and classes.
| Rank Country 2021 Population | 1 Brazil 213,993,437 | 2 Turkey 85,042,738 | 3 Germany 83,900,473 | 4 United Kingdom 68,207,116 |
|---|
No country has ever experimented with pure socialism because of structural and practical reasons. The only state that had come the closest to socialism was
Soviet Union
and it had both dramatic successes and dramatic failures in terms of economic growth, technological advancement and welfare.
A socialist country is a sovereign state in which everyone in society equally owns the factors of production. The four factors of production are labor, capital goods, natural resources and entrepreneurship. In a socialist country, people account for individual needs and social needs.
