<h2>Introducing Socialism</h2>
<p>Socialism can be defined as the type of system in which the means of production and distribution are collectively owned and controlled by the state (government).</p>
<p>The major aim of a socialist economy is to produce goods and services for the general welfare of the citizens and not profit maximisation. It is a centrally planned economy in which there is no private ownership of the means of production. Goods and services produced are shared to individuals according to their needs and contributions to the advancement of the country. Where private individuals may want to produce goods and services, they do so on trust and under close and strict supervision by the state.</p>
<p>Examples of countries that practice this system are: China, Czechoslovakia, Romania, Poland, Bulgaria, Former Soviet Union, Ethiopia, Angola, Burkina-Faso, Mozambique, etc.</p>
<p>Socialism is also called command economy, centrally planned or controlled economy.</p>
<h2>Features of Socialism:</h2>
<ul>
<li>There is collective/joint decision making on what to produce, how to produce, and for whom to produce.</li>
<li>There is state ownership of means of production.</li>
<li>Non-profit making motive.</li>
<li>Equitable distribution of income.</li>
<li>Absence of economic rivalry.</li>
<li>The primary aim of socialism is to provide goods and services for the welfare of the citizens.</li>
</ul>

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Socialism

Economics studies social behavior guiding the allocation of scarce resources to meet the unlimited needs and desires of the individual members of a given society, and for the production of goods and services, growth of production and welfare over time, and a great variety of other complex issues of vital concern to society. 

Economics

Explore the various economic systems and their features, benefits, and drawbacks, including capitalism, socialism, and mixed economy, and gain an understanding of their functions.


Socialism

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