SOCIALISM S ocialism is defined as “such type of socialist economy under which economic system is not only regulated by the government to ensure, welfare equity of opportunity and social justice to the people.” . Main Features of Socialism: 1. Socialism is Social or Collective Ownership of Resources, 2. It is a Fully Planned Economy, 3. It is the Responsibility of the Central Planning Authority, . 4. It has Definite Aims and Objectives, 5. Specific Long-Term Plans, 6. Central Control and Ownership, 7. Much Less Importance of Price Mechanism, . Merits of Socialism: 1. Social Justice is Assured, 2. Rapid Economic Development, 3. Production According to Basic Needs, 4. Balanced Economic Development, 5. It has Economic Stability, 6. Equitable Distribution of Wealth and Income, 7. No Exploitation and Class Struggle. Demerits of Socialism : 1. No Suitable Basis of Cost