Answer to Question #46206 in Economics of Enterprise for Ashley Turnquest

Question

Explain what are the advantages and disadvantages of socialism and communism?

Answer 1

Socialism and communism are the two social and economic systems that declared their main principle of the social (or common) ownership of the means of production. Socialism and communism were two parts of the same socio-economic theory, socialism being its first stag and communism the second. They had a powerful impact on the global history, with socialism implemented as key ideology in the USSR and East European countries of the so-called “socialist camp” controlled by the USSR. Communism remained nothing more than a concept. Planned economy, tight state control of economic and political issues, the absence of the free market and private ownership were declared as advantages of socialism but, instead, proved to be its major disadvantages that stalled economic progress and affected human rights and freedoms. The ideas of an egalitarian society and social equality remained appealing but unrealized claims. However, free education and public health services and adequate social services were positive features that supported social optimism of many people in society. The political principle of the dictatorship of proletariat proclaimed as the guiding principle of domestic policies led to millions of executed “enemies of the nation” during Stalinism and concentration camps for dissidents that survived the Stalin era.