A major characteristic of the socialist system is its provision for
Answer Details
The major characteristic of the socialist system is public ownership. In a socialist system, the means of production are owned and controlled by the state or by the community as a whole, rather than by individuals or private companies. This means that resources and production decisions are made for the benefit of society as a whole, rather than for the profit of private individuals or companies. The aim is to create a more equal society with a fair distribution of resources and opportunities. Therefore, the provision for public ownership is one of the fundamental principles of socialism.