What are the characteristics of a socialist economy? what are the pros and the cons of this type of economy?

Socialism is the ideology where states /governments own factors of production, businesses, industries in turn providing employment to her citizens in attempt to spread income among her citizens equally to avoid social stratification in favour of a few people.accordingly, the chief characteristics are public ownership of property, equal distribution of income, high employment rate due "one-man- one-job" principle, proper public goods and services like medication,power supply, transport systems, as the sectors are not left in the hands of private investors ,high economic growth rate. the system,however,does not encourage hard work as individual efforts are never recognized and awarded accordingly,corrupt governments might never deliver anything to the public,low quality goods and services as there's no competition,hinders innovations and development of entrepreneurial skills and if proper policies and programs are not put in place it might had to realize economic growth.

What are the options