Mention Some Of The Salient Features Of A Socialist System?

1.	Mention Some Of The Salient Features Of A Socialist System?
Answer» The SALIENT features of a socialist system are: The major MEANS of production are either owned by the Government or their use is controlled by the Government. EXISTENCE of a central authority like the central planning agency to formulate the national plan for DEVELOPMENT and to direct resource mobilization, allocation and investment to achieve the plan targets. The consumers have to content themselves with what the state thinks is sufficient for them. The freedom of occupation is absent or RESTRICTED. The wage rates and prices are fixed by the Government and not by market forces. An equitable distribution of income. The salient features of a socialist system are:

Answer»

The SALIENT features of a socialist system are:

The major MEANS of production are either owned by the Government or their use is controlled by the Government.
EXISTENCE of a central authority like the central planning agency to formulate the national plan for DEVELOPMENT and to direct resource mobilization, allocation and investment to achieve the plan targets.
The consumers have to content themselves with what the state thinks is sufficient for them.
The freedom of occupation is absent or RESTRICTED.
The wage rates and prices are fixed by the Government and not by market forces.
An equitable distribution of income.

The salient features of a socialist system are:

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