what are the advantages and disadvantages of socialism
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Expert's answer
2013-04-18T10:42:59-0400
Socialism it is an economic system under which the majority of production resources are controlled by government in order their equal distribution. The advantages of socialism are: - Equal distribution of products among people and price control, which reduce the gap between different social classes; - Employment securing, provision social welfare to vulnerable social groups; - Due to economic planning socialism provides ability of better exploiting resources (labor, land etc), i.e. avoid insufficient or excess production; - Since majority resources and their distribution are under government control there is no chance for producers’ monopoly and additional charges as a result.& & However, socialism has the following disadvantages: - Slow decision making process due to high level of bureaucracy; - Lack of workers motivation to develop their skills and work harder; - Lack of competition and entrepreneurship discourage economic growth and development of efficient technologies.
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