Socialism
Socialism may be defined as a political cum economic system in which all or large part of the means of production and distribution are collectively owned by the state [The government] In this economic system all the non human materials of production and distribution are controlled and operated by the government on behalf of the citizens. Goods and services are produced with the sole aim of satisfying the wants of the whole citizens of the country as opposed to the profit they will fetch.Socialism is a non-egocentric type of system in the sense that this system basically caters more for her citizens regardless of the profit they will make out of it.
Private monopoly are prevented in a socialist system, the growth of private monopolies is checked since there is no desire for profit maximization there is no need for the growth of private monopolies which are out to exploit the consumer's weak position. Labor and other factors are also rationed in such a way that the unemployment of factors is minimal since the central committee finds job for all there may be no unemployment. gin, why I support this type of economic system in any given society. Going through all this competent materials of socialism I hereby come to a conclusion that socialism can be assume as one of the best economic system a country should practice basically on it's sole aim and primary goal that this system is not to make profit, but to satisfy the needs of citizens and to maximize public welfare and raise the general standard of living. There is lack of excess capacity and no overproduction. Firstly, Socialism wipes away economic exploitation of the many by few economic desperados. Resources that generate income are owned collectively, there is therefore less economic inequality, everyone is reasonably happy and there are no extremes of poverty. Socialism is democratic in nature it gives the people sense of belonging. Production is usually on a large scale and by coordinated efforts instead of on a competitive basis there is therefore more efficient and full use of productive resources. Unemployment are minimal in a socialist government because government officials decide what to produce and also direct labor and other factors, The factors are therefore directed to those productive activities in which they can be mostly utilized. Socialism leads to equitable distribution of resources which as a result leads to reduction of income inequality because no one individual owns the means of production and therefore cannot control excess wealth at expense of the majority. There's no exploitation of consumers who pay a fair price for the goods they purchase there is no intensive and competitive advertising and high-pressure salesmanship which push up prices.
Common topics in this essay:
Firstly Socialism,
SOCIALISM Socialism,
economic system,
growth private monopolies,
sole aim,
means production,
private monopolies,
production distribution,
growth private,
fair price,
labor factors,
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Acceptance Essays
