- 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.
Disadvantages of socialism include
slow economic growth, less entrepreneurial opportunity and competition
, and a potential lack of motivation by individuals due to lesser rewards.
Socialism is a social system
that has never existed
. In socialism there will be no property; that is, private, corporate or state property ownership. … As a consequence of there being no exchange in socialism there will be no money.
| 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 |
|---|
How Economies Can Benefit From Socialism. …
Redistribution of wealth, through tax and spending policies that aim to reduce economic inequalities
. Social democracies typically employ various forms of progressive taxation regarding wage and business income, wealth, inheritance, capital gains and property.
There is a very common myth about socialism, which says that socialism would give everyone the same wage, and therefore no one would have a reason to work hard. This is
false
. … There are a number of socialists who do advocate equal wages but they always propose some other type of incentive to replace wage differences.
A socialist economy is a system of production
where goods and services are produced directly for use
, in contrast to a capitalist economic system, where goods and services are produced to generate profit (and therefore indirectly for use). “Production under socialism would be directly and solely for use.
| Rank Country 2021 Population | 1 Brazil 213,993,437 | 2 Turkey 85,042,738 | 3 Germany 83,900,473 | 4 United Kingdom 68,207,116 |
|---|
| Rank Country 2021 Population | 1 Brazil 213,993,437 | 2 Turkey 85,042,738 | 3 Germany 83,900,473 | 4 United Kingdom 68,207,116 |
|---|
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.
Private property thus is an important part of capitalization within the economy. Socialist economists are critical of private property as socialism aims to substitute private property in the means of production for social ownership or public property.
(1) what to produce, (2) how to produce, and (3) for whom to produce
. What is produced? based on custom and the habit of how such decisions were made in the past.
| 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 |
|---|
[Serious] If the US becomes socialist and implements socialist medicine that ultimately leads physicians to get paid
around (or slightly less than) $100,000 on average
—assuming no student debt.
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.) … Socialists believe that everything in society is made by the cooperative efforts of the state with the help of its people and citizens.
Is everyone paid the same in communism?
No; in communism, people take what they need from society, provided that they work to their ability. In socialism, people get paid according to the quantity and quality of their work. In communism everything is owned in common and there will be free access to all goods and services, hence
there will be no wages
.
