Socialism is a social and economic system refers to common ownership over the mean of production of state. It is believed that socialism is a system evolved against the injustices of industrial era. Marxist and non-Marxist both agreed that socialism is reaction of capitalism. The foundation of this system can be found way back in history it is also discussed in famous book “Republic” by Plato.
The philosophy is equal rights for everyone. Socialism is a broader term and covers general phenomena of social system. Different economists and leaders have altered it as per needs and requirements of the state. Socialism existed in different types some time with some religious support and some time as a common social and economic system. Communism, Marxism-Leninism, Stalinism and Maoism are some examples of revolutionary and left side government part socialism. Christian and Islamic socialisms are examples of religious socialism. China, Cuba, North Korea, and Vietnam are examples of current socialist states with some modifications.
Advantages of Socialism
Full employment level is another merit of socialism. All the means of productions are under government control so it’s responsibility of the state to provide job for every citizen. Economic conditions are more stable and there is no boom or recession in economy.
Socialism work for collective good and also take care of financially and physically handicap people. Every citizen of society has equal rights and excess to the state’s resources. This is not true in capitalism, where talented and rich people secure well financial and social position and other could not get the equal status.
Disadvantage of Socialism
[adsense1]This system has low economic growth as talented and idle people enjoy the same status. This leads to low morale level which makes even capable people inactive, as they feel no reward of their extra effort.
The theory of socialism sounds very attractive where basic rights of every individual is secured by government, but in actual the corruption and nepotism are very high and common person enjoys far less rights then the people in authority.
Allocation of resources is poor government doesn’t take advance and creative measures to increase productivity. As there is no profitability factor so government doesn’t follow market demand. There are rigid policies and difficult to change until or unless change in total administration.
Socialism emphasis more to society and less to the basic unit of society that is individual, so as long as the basic element is not satisfy with the reward the total outcome cannot be the satisfactory.