what are the characteristics of socialism
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what are the characteristics of socialism
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Answer:
Economic Planning
Unlike in a capitalist economy, a socialist economy is not driven by the laws of supply and demand. Instead, all economic activities – production, distribution, exchange and consumption – are planned and coordinated by a central planning authority, which is usually the government.
Explanation:
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Answer:
Some of the principles of socialism include:
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.