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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