Tariq Shehzad
New member
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:
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.
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:
- What and how much of basic goods and services will satisfy consumer 'needs?
- How to and who well produce the basic goods and services using what resources?
- How to distribute the basic goods and services produced?
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.