The characteristics of socialism have made it the most popular thought in the world. Communism and capitalism gave extreme philosophy of their respective doctrines, but socialism adopted a middle path by way of embracing certain traits of both the philosophies.
These are four main characteristics of a socialism :
1. It takes care of both person and society – equally.
2. It supports an opitimum margin of individual, political and economic freedom with an aim at developing personality of people.
3. Socialism does not subscribe to abolish private property but wants it to be limited in the interest of social good.
4. It adopts a path of decentralisation of economic and political regimes.
