Citizens in a socialist society rely on the government for everything, from food to healthcare. Proponents of socialism believe that it leads to a more equal distribution of goods and services and a more equitable society. Examples of socialist countries include
the Soviet Union, Cuba, China, and Venezuela
.
Socialism is an economic and political system where the community or state owns the general means of production (i. e. farms, factories, tools, and raw materials.) This is different from capitalism, where the means of production are privately owned.
| Country Since Party | People’s Republic of China 1 October 1949 Communist Party of China | Republic of Cuba 1 January 1959 Communist Party of Cuba | Lao People’s Democratic Republic 2 December 1975 Lao People’s Revolutionary Party | Socialist Republic of Vietnam 2 September 1945 Communist Party of Vietnam |
|---|
- Norway – GDP: $438.62 Billion. …
- The Netherlands – GDP: $954.93 Billion. …
- Brazil – GDP: $2.06 Trillion. …
- Italy – GDP: $2.09 Trillion. …
- France – GDP: $2.78 Trillion. …
- United Kingdom – GDP: $2.83 Trillion. …
- Germany – GDP: $4.00 Trillion. …
- China – GDP: $13.4 Trillion.
| Socialism Pros Socialism Cons | Better education opportunities Government failure | Minimum wage Socialism may take away incentive to work | Socialism can provide minimum basic income Sovereign default | May improve conditions of the general public Politicians can get too much power |
|---|
Communism and socialism are political and economic systems that share certain beliefs, including greater equality in the distribution of income. One way communism differs from socialism is that it calls for the transfer of power to the working class by revolutionary rather than gradual means.
In theory, based on public benefits,
socialism has the greatest goal of common wealth
; Since the government controls almost all of society’s functions, it can make better use of resources, labors and lands; Socialism reduces disparity in wealth, not only in different areas, but also in all societal ranks and classes.
- The People’s Republic of Bangladesh.
- The Co-operative Republic of Guyana.
- Republic of India.
- North Korea.
- Federal Democratic Republic of Nepal.
- Portuguese Republic.
- The Democratic Socialist Republic of Sri Lanka.
What is Democratic Socialism in simple terms?
Democratic socialism is defined as having a socialist economy in which the means of production are socially and collectively owned or controlled, alongside a liberal democratic political system of government.
A socialist country is a sovereign state in which everyone in society equally owns the factors of production. The four factors of production are labor, capital goods, natural resources and entrepreneurship. In a socialist country, people account for individual needs and social needs.
Disadvantages of socialism include
slow economic growth, less entrepreneurial opportunity and competition
, and a potential lack of motivation by individuals due to lesser rewards.
No country has ever experimented with pure socialism because of structural and practical reasons. The only state that had come the closest to socialism was
Soviet Union
and it had both dramatic successes and dramatic failures in terms of economic growth, technological advancement and welfare.
- China.
- Denmark.
- Finland.
- Netherlands.
- Canada.
- Sweden.
- Norway.
- Ireland.
The verdict is in, and contrary to what socialists say, capitalism, with all its warts, is the
preferred economic system to bring the masses out of poverty
and to make them productive citizens in our country and in countries around the world. Remember this: Capitalism rewards merit, socialism rewards mediocrity.
- Reduction of relative poverty. …
- Free health care. …
- Diminishing marginal utility of income. …
- A more equal society is more cohesive. …
- Socialist values encourage selflessness rather than selfishness. …
- Benefits of public ownership. …
- Environment. …
- Reduced hidden taxes.
What is the best economic system?
Capitalism
is the greatest economic system because it has numerous benefits and creates multiple opportunities for individuals in society. Some of these benefits include producing wealth and innovation, improving the lives of individuals, and giving power to the people.
