Nancy Dutta India 1k Questions 2k Answers 18 Best Answers 4k Points View Profile 0 Nancy Dutta Asked: May 6, 20202020-05-06T21:40:52+05:30 2020-05-06T21:40:52+05:30In: Education What are the characteristics of socialism economic system? 0 What are the characteristics of socialism economic system? basic questions Share Facebook 2 Answers Voted Oldest Recent Newton D India 361 Questions 225 Answers 1 Best Answer 1k Points View Profile Newton Dutta Added an answer on May 7, 2020 at 12:01 am The main features of socialist economy are as follows: (i) Collective Ownership: (ii) Economic, Social and Political Equality: (iii) Economic Planning: (iv) No Competition: (v) Positive Role of Government: (vi) Work and Wages According to Ability and Needs: 0 Reply Share Share Share on Facebook Share on Twitter Share on LinkedIn Share on WhatsApp Abhinav.arjun47 Moradabad, India 1k Questions 2k Answers 14 Best Answers 4k Points View Profile Abhinav.arjun47 Added an answer on May 6, 2020 at 9:43 pm In a socialist economy, the means of production and distribution are owned, controlled and regulated by the public, either through the state or through cooperatives. The basic motive is not to use the means of production for profit, but rather for the interest of social welfare. 0 Reply Share Share Share on Facebook Share on Twitter Share on LinkedIn Share on WhatsApp Leave an answerLeave an answerCancel reply Featured image Select file Browse Save my name, email, and website in this browser for the next time I comment.