any of various economic and political theories advocating collective or governmental ownership and administration of the means of production

and distribution of goods

1. Common ownership: Socialism implies social ownership/state ownership of means of production. Common ownership means that the entire structure of production and all natural resources be held in common by all people. This means that every person will stand in equal relationship with every other person with respect to the means of producing the things we need to live, that is, mines, industrial plants, manufacturing units, all land and farms, and all means of transport and distribution. This also means the common ownership of all natural resources. 2. It implies equality of incomes and equality. 3. Economic planning is an essential features of socialism. 4. Social welfare and social security. 5. Classless society: Class is a social relationship that invades and has a corrupting influence on every part of our lives. In socialism, social relationships of common ownership and equality will end class divisions. 6. Lack of incentive.

In environments with plentiful resources, socialism provides all members with their survival needs, creating a stable social environment. Members that cannot participate economically - due to disabilities, age, or periods of poor health - can still impart wisdom, emotional support and continuity of experience to the system. Freedom from work provides opportunity for some societal members to explore non-economically-productive pursuits, such as pure science, math and non-popular arts.