Posted by Chester Morton / Tuesday, 8 May 2018 / No comments
The merits of socialism
THE ADVANTAGES OF SOCIALISM
Definition
Socialism is a political and economic system. Unlike capitalism, the means of production and distribution of goods and services are controlled by the people through representatives. The proceeds from the management of the economy is shared among the people on the basis of equality. This type of polico-economic system is practiced in Russia, China and North Korea, to mention but a few.
MERITS OF SOCIALISM
Assurance of social justice
One of the main advantages of socialism is that it ensures social justice for all citizens. The socialist system tries to bring to the barest minimum the inequalities in the incomes of the people. Also, in a socialist economy, the national income is more evenly distributed so as to eliminate the exploitation of one by the other. Again, every member of the state is given the opportunity to develop his or her talents.
Production is tailored according to basic needs
Another advantage of a socialist economy is that the production of goods and services are tailored towards the satisfaction of the needs of the citizens. The provision of the basic needs of the people, such as food, clothing and shelter is the primary aim of production and not the satisfaction of the personal desires of any individual.
Equitable development of the economy
Under a socialist system, the economy is planned in such a way that every aspect is touched. There is a specific attempt to ensure a balanced development. No region of the country is given more priority to the disadvantage of others. Even remote areas are catered for. For example, on 5th May, 2018, Russia launched the Akademik Lomonosov, the world’s novel floating nuclear power plant to be sent to the Arctic, very far away from Moscow. It is planned that the nuclear power plant will start to generate electricity in summer next year.
There is stability in the economy
Again, the economies of socialist countries show more stability. Compared to a capitalist system, there could be periods of recession where economic fortunes go down and people bear the brunt, in a socialist system, there is seeming stability. Economic fluctuations that cause mass unemployment and misery is reduced. Since the economy is centrally planned, it is controlled to ensure stability.
Absence of exploitation
Countries also choose the socialist path because the exploitation of the masses by a few individuals is absent. The distribution of state income is done by the state to ensure that there is equity. Discrimination is brought to the barest minimum, if not completely eliminated. Since the economy is planned in such a way as not to favour any class of people, class struggles are eliminated.
Socialism unites the people
Finally, socialism is advantageous because it engenders unity among the people. This is achieved through the principle of collectivism. Collectivism is a concept where the interests of the individual members are sacrificed and the interest of the group promoted. The principle of collectivism therefore brings about a sense of unity.
SAMPLE QUESTION(S)
1. a. What is socialism?
b. Highlight five advantages of socialism.
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