Assess The Benefits Of Socialism

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

to social equality include a focus on reducing the wealth separation from the poor and rich, unemployment, and inflation through price controls. Advantages related to economic planning include an ability to make good use of labor, land, and resources, as well as avoiding excess production. Additional benefits are the nationalization of key industries, redistribution of wealth, social security schemes, raising the minimum wage, employment protection, and trade union recognition rights. These policies aim to guarantee living wages and help produce full employment. Nearly all people in a socialist economy have equal opportunity. Citizens all have the same opportunity for employment,

healthcare, and housing. Citizens, goods, and employment are all treated to the same effect regardless of the size of the company controlling the entities. Citizen well-being is taken care of by the government that comes from all of the citizens apart of the economic system.
In a socialist economy the primary authority such as the national government, a government agency or central planners decide what to produce, how to produce, and to whom goods and services will be given to. The government is the dominant owner of all of the nation's capital and natural resources. Socialists do not want to create an all powerful government or let big corporations control our society either. Rather, Socialists believe that social and economic decisions should be made by those who they affect the most. Under Socialism, all authority usually originates from the workers. The means of production are socially owned and used to meet the needs of humans instead of creating profit. Socialism calls for putting the major means of production in the hands of the people, either directly or through the country’s government.
In conclusion, Socialism puts forth a system where everyone strives to be completely selfless and will work for the common good of the nation.

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

poor.