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. The following are the chief features of socialism:

1. Common ownership: Socialism implies social ownership/state ownership of means of production. Common ownership means that the entire structure of production and all Natural Resources be held in common by all people. This means that every person will stand in equal relationship with every other person with respect to the means of producing the things we need to live, that is, mines, industrial plants, manufacturing units, all land and farms, and all means of transport and distribution. This also means the common ownership of all natural resources.

2. It implies equality of incomes and equality.

3. Economic planning is an essential features of socialism.

4. Social welfare and social security.

5. Classless society: Class is a social relationship that invades and has a corrupting influence on every part of our lives. In socialism, social relationships of common ownership and equality will end class divisions.

6. Lack of incentive.

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paulbenn

Lvl 13
2y ago

Capitalism: class system, minority ownership of the means of production, production for profit, exploitation, inequality, oppressive government.

Socialism: no classes, common ownership, production for use, equality, real democracy.

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12y ago

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Q: What are the basic features of Socialism and Capitalism?
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