1. Collective Ownership of Property
 limit right to private property (land, factory, house)  Government makes property available for all.
 2. Prohibition of Pursuing Profit
 socialists considered profit as “greed”.
 3. Centrally Planed and Controlled Economy
 Government determines what the country need  instead of allowing the mechanism of supply and  demand
 
 Socialist Market Economy: PRC, Vietnam, Lao  PDR, Cuba, North Korea