Socialism

By Alex, Matt

What is Socialism

Socialism addresses the inequalities of capitalism by calling for public ownership of farms, factory's, and other private businesses. This means that the government owns everything.


Pros and Cons of socialism

Pros

  • Central planners would be able to create big projects for people to have jobs to make the job market stable.
  • It would allow the government to distribute the income of people more equally between everybody this is because everybody shares the same wealth.
  • No one is poor because no matter how hard you work you get paid as someone else in the same job as you even if you have a higher rank than them.
  • Everything is based on equality.
  • It is used because it should lower the cost of everything.
  • Should raise the living conditions.



Cons

  • Higher cost: Socialism makes everything more expensive, so that means taxes are gonna be higher. Socialist countries tend to have a higher debt per person.

  • Bigger Government: Having more taxes mean it will create a larger government, which also means that the government has more power.

  • Communism: A lot of people believe that socialism is the beginning to communism. But is not likely because communism has failed in every country that has tried it, because nobody has the motivation to create enough goods. Then this forces people to have more of an extreme version of socialism oppose to flat out communism.


Where did the Socialism come from?

Socialism came from a form of capitalism. It was created because it was believed it would be able to change the working conditions of the working class. It was supposed to create a top-down control system. Karl Mark was the founder all the Communism which were the basic building blocks of Socialism.