FEATURES OF SOCIALISM
Socialism is an economic and political system in which the means of production—such as factories , industries , and resources —are owned and controlled by the state or the community as a whole. The main goal of socialism is to reduce inequality and ensure that wealth and resources are distributed fairly among all people. The Oxford English Dictionary defines Socialism as 'a theory or policy that aims at or advocates the ownership or control of the means of production - capital , land , property , etc. - by the community as a whole and their administration in the interests of all'. Under socialism, the government plays a major role in planning and managing the economy to meet the needs of everyone. It emphasizes cooperation over competition and focuses on public welfare , social justice , and equal opportunities . Here are the main features of socialism: 1. Collective Ownership – The first and basic feature of socialism is Collective ownership. The means of production s...