Socialism is centrally defined as common ownership or global ownership where there is direct control and ownership of major industries by the government. Let us take a look at some of the good and bad aspects of this type of government.
Advantages of Socialism
- Advantages of Socialism
- Disadvantages of Socialism
1. There is a balance between wealth and earnings.
One of the advantages of being in a socialist country is the availability of basic services to members of the society who are below the poverty line. This is because industries such as utility companies and housing are owned or controlled by the government. Whereas if these companies are owned by private sectors, prices for services are unregulated, making them costly. When it comes to taxes, this form of government also protects low income earners in a way that their taxes are lower as opposed to high earners who have higher taxes.
2. There is equal access to health care and education.
As opposed to capitalism with high health care and education costs, socialism makes education available for every citizen regardless of social class. Moreover, members of the community have access to medical attention since health care costs are more affordable. This is due to the fact that the government owns health care facilities and hospitals as well as medical services which are offered for low costs or free.
There is a distinct separation between people in the upper class and the lower class and socialism ensures this is evenly leveled to bridge the gap between the rich and the poor members of society since there is communal ownership.
Disadvantages of Socialism
1. It runs on bureaucracy.
One of the disadvantages of being in a socialist society is bureaucracy that hampers the delivery of services to people. This is because people have to pass through different channels to access basic services. As a result, they are not given immediate service or assistance that should be accorded to them.
2. People are unmotivated to develop entrepreneurial skills.
With the government controlling most of the industry sectors, people who want to capitalize will be discouraged to do so since they know that the government will have a say on their businesses. This is also because they are aware that if they earn more, they will be subjected to higher taxes.
3. The government has too much control.
With socialism, apart from communal ownership and the government being in control of certain industries and facilities, people feel that they are dictated upon on how to live their lives, where they live and how much they should be paid for their services and goods.
Socialism centers on common ownership and this can either go for or against the people in a society or nation. This is why since the global crisis almost a decade ago there have been talks about reviving socialism. But is this really the answer? Weighing the pros and cons and hearing what the people have to say are two important actions to be taken by the government.