SOCIALISM
Jena, Bailee, Lucy, and Eli
Definition
A political and economic theory of social organization that advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole.
Socialist Countries
China
Since October 1, 1949
Vietnam
Since July 2, 1976
Cuba
Since July 1, 1961
Jesus was the first socialist, the first to seek a better life for mankind. - Mikhail Gorbachev
Pros
- Social equality
- Economic equality
- Medical equality
- Higher taxes
- Less entrepreneurship
- Big government