what are the basic characteristics of socialism?
['Public Ownership. This is the core tenet of socialism. ... ', 'Economic Planning. Unlike in a capitalist economy, a socialist economy is not driven by the laws of supply and demand. ... ', 'Egalitarian Society. ... ', 'Provision of Basic Needs. ... ', 'No Competition. ... ', 'Price Control. ... ', 'Social Welfare. ... ', 'Social Justice.']