Socialism the system of Economics

[Tariq Shehzad]

I have already discussed about the communism and I will talk about the second system of Economics, The Socialism.

Socialism

Socialism is an economic system in which the government owns and operates basic industries. Basic industries are industries like postal service, telephone, utilities, transportations, health care, banking and some manufacturing. The individuals in Socialism own most businesses. Central planning determines:

1. What and how much of basic goods and services will satisfy consumer 'needs?
2. How to and who well produce the basic goods and services using what resources?
3. How to distribute the basic goods and services produced?

Business under socialism provide other goods and services. Other goods and services are produced under consumer and customers demand and the availability of resources. The citizens are dependent on the government for manufacturing goods and services.
Most socialist nation are democratic. They recognize basic individual freedoms. Examples are Sweden, India, and Israel. Central government planners usually make decisions about what is best for the nation. People are free to adopt the occupation. Socialists believe their economic systems. The difference is at national level but not at the individual level. Socialist economies favor egalitarianism.

Egalitarianism is equal distribution of income and social services.
Taxes and unemployment are generally higher in socialist countries. Many socialist countries are going through economic problems.

 

[Alexandoy]

I cannot argue that socialism or communism is a good system of government that is for the people. However, that is only good when the leader or the ruling party is doing it right. The main difference with democracy is the failure of the government to fully serve the people. Especially with the corruption in this modern time progress is elusive in 3rd world countries under democracy. Another fault of democracy is the leader sometimes tends to be a dictator. In any part of the world corruption is the enemy but corruption is more prevalent in democratic countries. Anyway, back to socialism which is for the good of the people. But in Russia there is already a clamor for change because the president seems to have changed the constitution so he can rule for as long as he lives.

 

[Setho]

There are right now so many systems of government in the world and some have been successful in some places and some have not been overly successful in other places. The best thing to do is to have a unified central government that will choose the best way to get the country forward