Socialism

Brieana Tabera & Lulite Sintayehu

Characteristics of Socialism

  • Planned Economy
  • State Responsible for Basic Necessities of Life
  • Equal Opportunity to All

Advantages/Disadvantages

Advantages

  • Greater Efficiency
  • Greater Welfare
  • Absence of Monopolies
  • Absences of Business Fluctuations
Disadvantages

  • Elimination of Individualism
  • Slow Economic Growth
  • Less Entrepreneurial Opportunity and Competition
  • Lack of Motivation by Individuals due to Lesser Rewards

Viable or Not?

A socialist economy is a viable place to live, even though compared to capitalism there are some differences they are almost the same thing. But in a socialist economy their work forces are stronger and held together more so than a capitalist economy today. They can easily find jobs to provide for their families and eventually make enough money to purchase a home for their family to live in.

Citations

Study Lecture Notes