In a socialist economic system, the means of production are commonly owned by the community or state on behalf of its citizens.

The state plays a central role in planning and regulating the means of production and distribution of goods and services.

The key features of a socialist economic system are:

1. Central Planning: Economic decisions, such as what to produce, how much to produce, and how to distribute goods and services, are made by a central planning authority, typically the government.
2. State Ownership: The state owns and controls major industries and resources, ensuring that the means of production are collectively owned and managed.
3. Equal Distribution: The goal of a centrally planned economy is to ensure an equitable distribution of wealth and benefits to all members of society
4. Production for Social Need: The focus of production is on meeting the needs of society rather than generating profits
5. Limited Market Forces: While some market mechanisms may exist in a socialist economy, they are often regulated and controlled by the state to align with the overall economic plan.