Socialism is thought to be an element of the society which should develop gradually and which should have capacity to change by way of development process.
- Based on the spirit of cooperation : Socialism wants to steer forward development by involving all spheres of the society. Socialism is not only beneficial to labour class but to all sections of the society. By its appeal of high ideals and morality, a big faction of the people can be included in it.
- Proponent of economical equality : As per socialism, the swelling income of the rich should be taxed and the money received as tax should be invested for the good of the poor. For ensuring the setting up of the system of economic equality, accumulation of black money should be restricted.
- Stress on economic progress : It is the convention of socialism that the process of planning should be adopted for economic progress. Land should belong to him who ploughs it. In this way, this individual will take profound interest, resulting in increase in production and giving support to economical development. Simultaneously, economic disparities can be done away with in respect of land ownership.
- Policy of nationalization : Industries and Banks should be nationalised so that the state has effective control on economy. Besides, private industries should operate under instructions of the state so that these are to perform social good too.
- Inspired by the spirit of social welfare : As per their academic ability, all persons should be provided with employment, wages, engagement in petty works, holidays. Besides, the state should implement welfare schemes in the interest of its citizen for their happy life.
- Faith in democracy : It is believed by the supporters of socialism that the implementation of socialism with patience, application of wisdom can be ensured for pushing the people to development and hence there is no need of revolution. Socialism believes in setting governance by democratic means such as expression of thoughts, speech, stage, publication of literature and other sources of communication.
