Assess The Benefits Of Socialism

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Socialism is the theory that works toward government ownership and management of the means of production. Capitalism stresses competition and profit’, Socialism calls for cooperation and service. Karl Marx and Friedrich Engels outstripped the economic dynamics of capitalism and began working on a new form of economics called Socialism. Socialism came to life in the late 18th and early 19th century as a reaction to the social changes in the Industrial Revolution.
The Socialist economy seeks to redistribute wealth more fairly by the communal ownership of natural resources and major industries, such as banking and public utilities. Socialists also look to nationalize monopolies, which greatly strengthens and enriches their owners. However, unlike communism, most mediocre or nonessential enterprises remain privately owned. Also, unlike communists, almost all socialists do not push for violence or force to achieve their economic system goals. Socialists usually aim to give power to a few individuals which doesn’t always go smoothly if those individuals become greedy and want to remain in power.
The benefits of the socialist economy relating …show more content…

The only motivating factor to do anything is that it will help somebody else. All property is controlled by a small group of individuals. These individuals determine what the common good will be and then sets goals that forces everyone else to comply for their best interest. Socialism is a society in which the things people need to live, work, and are controlled by the industries, services, and natural resources which are owned by all of the people. Socialism means that government for the people, and by the people could be a reality for the first time. Although the primary goal of this economic system is narrow, it does not totally eliminate the wealth gap between the rich and the

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