A major characteristic of the socialist system is its provision for

Assessment: JAMB UTME - Government - 1998 Subject: Government

Question 1 Report

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.
Read lesson note on Political Ideologies (JAMB)
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