Socialism

Meaning :Socialism is a range of economic and social systems characterised by social ownership and workers' self-management of the means of production.

features

public ownership

central planning authority

definite socio economic objectives

freedom of consumption

Equality of Income distribution

Authoritative centre towards the subjects

Welfare centric approach

types

democratic

marxian

revolutionary

utopian

libertarian

market socialism

eco socialism

guild

fabian

merits

economic efficiency

welfare centric governance

absence of monopolistic practices

free from business variations

lesser forms of unemployment

reduces inequality

Demerits

loss of personal choices

absence of individual freedom

lack in accuracy of resource allocations

curtails constitutional rights of society

Authoritarian power

Lack of economic growth in inclusive terms

Lack of Confidence building measures

Lack of employmental freedom

Analytical abilities of the society are suppressed

Study in detail about types