- 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:
- (1) Public Ownership: …
- (2) Central Planning: …
- (3) Definite Objectives: …
- (4) Freedom of Consumption: …
- (5) Equality of Income Distribution: …
- (6) Planning and the Pricing Process: …
- (1) Greater Economic Efficiency: …
- (2) Greater Welfare due to Less Inequality of Income:
“Socialism is an economic organisation of society in which
the material means of production are owned by the whole community and operated by representatives of the people
, who are responsible to the community according to a general plan, all the members of community being entitled to the benefits from results of such …
Socialism
ensures full employment
, a high rate of growth, dignity of labour and absence of exploitation of labour, relatively equitable distribution of income and wealth and absence of wastages associated with capitalistic system of production.
- 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:
Communism and socialism are political and economic systems that share certain beliefs, including greater equality in the distribution of income. One way communism differs from socialism is that it calls for the transfer of power to the working class by revolutionary rather than gradual means.
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.
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.
- 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.
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.
Socialism is an economic and political system where the community or state owns the general means of production (i. e. farms, factories, tools, and raw materials.) This is different from capitalism, where the means of production are privately owned.
Engels argued that as socialism developed, the state would change in form and function. Under socialism, it is not a “government of people, but the administration of things”, thereby ceasing to be a state by the traditional definition.
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.
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
.
| Country Since Party | People's Republic of China 1 October 1949 Communist Party of China | Republic of Cuba 1 January 1959 Communist Party of Cuba | Lao People's Democratic Republic 2 December 1975 Lao People's Revolutionary Party | Socialist Republic of Vietnam 2 September 1945 Communist Party of Vietnam |
|---|
Capitalism is based on individual initiative and favors market mechanisms over government intervention, while
socialism is based on government planning and limitations on private control of resources
.
