Soclialism:

It is otherwise referred to as the command or centrally planned economy. The economices of former Soviet Union, Cuba, a number of Eastern European countries and China are often cited as ready examples.

(a)Features

The main features are

i. Public Ownership: means of production are owned entirely by the central government.

ii. Public Allocation and Distribution: Prices of goods and services are fixed by the agencies of government. In order words, the fundamental economic questions of what to produce, how to produce and for whom to produced are solved by the government.