Characteristics Of Socialism

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Socialism, economic and social doctrine, political movement inspired by this doctrine, and system or order established when this doctrine is organized in a society. The socialist doctrine demands state ownership and control of the fundamental means of production and distribution of wealth, to be achieved by reconstruction of the existing capitalist or other political system of a country through peaceful, democratic, and parliamentary means.
This doctrine specifically advocates nationalization of natural resources, basic industries, banking and credit facilities, and public utilities. It places special emphasis on the nationalization of monopolized branches of industry and trade, viewing monopolies as inimical to the public welfare. It also advocates state ownership of corporations in which the ownership function has passed from stockholders to managerial personnel. Smaller and less vital enterprises would be left under private ownership, and privately held cooperatives would be encouraged.
Characteristics of Socialism
1. Public ownership of economic resources
2. Planned Economy
3. Classless society
4. Socialism provides equal opportunity
5. Non-existence of competition and Limited choice of consumer products
6. Pricing mechanism

Capitalism
Capitalism, economic system in which private individuals and business firms carry on the production and exchange of goods and services through a complex network of prices and markets. Although rooted in antiquity, capitalism is primarily

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