What are the typical economic features of a socialist system?

In a socialist system, the typical economic features include high taxes and regulations designed to promote equality among members of society. This emphasis on high taxes often helps fund social services and public goods, which can alleviate disparities in wealth and provide a safety net for all citizens. Regulations are implemented to control aspects of the economy to ensure that resources are distributed more evenly, supporting the underlying principles of socialism that prioritize collective welfare over individual profit.

The other choices involve characteristics that either align more closely with capitalist systems or do not accurately represent the core features of socialism. For instance, low regulations and taxes are indicative of a market-driven approach where individual ownership and free market forces dictate the economy. Similarly, private ownership with minimal state involvement is a hallmark of capitalism rather than socialism, which usually entails significant government intervention in economic matters. Finally, decentralized planning with collective bargaining suggests a system that may offer more autonomy to local units and individuals, which diverges from the centralized planning often found in strict socialist frameworks.