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characteristics of socialism

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CHARACTERISTICS OF SOCIALISM IN ECONOMY

Here are a few characteristics of socialism in the economy.

  • Properties are held in common and not by individuality.
  • Centralized governance or an authority make decisions in the name of the collective group.
  • The goal is social equality and distribution of wealth.
  • Social ownership of means of production.
  • Existence of the public sector.
  • Decisive role of economic planning
  • Production is guided by social benefits.
  • Abolishes exploitation of labor.

Benefits Of Socialism

  • Better salaries
  • Stable Environment
  • Eliminates poverty
  • Better Products
  • Fulfills survival need
  • Opportunity for citizens to explore non-economically-productive pursuits

Criticism of Socialism

  • Distorted price signals
  • Suppression of economic democracy
  • Slow Technological advancements
  • Minimize self-management

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