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