Socialism,Its Types,Characterstics,Advantages and Disadvantages

Introduction:

In a very simple way, Socialism is the social and economic-based system in which population or a state of population collectively owns, controls the means of production and distributes the result or we say profit to all proportionally. Distribution of result or profit usually comes in the form of social welfare to satisfy the basic needs of people like housing, clothing, resident, education, health care, etc. The main purpose(motive) of it is to guarantee the basic needs of each and every people in society thereby removing class distribution based on the economic ownership. In the early phase, socialism is basically designed to eliminate discrimination in the society based on economic class amongst peoples so that there will not exist any competition towards money. So, the earliest form of socialism therefore also called "Utopian Socialism".In today's scenarios, no countries have been under a single socialism vision but they have embedded it with another vision and principle. It will be very difficult to stay under a single radar of socialistic thought for any state or country.



Types of Socialism:

As we already explained in a current time of scenario no countries have been under a single radar of socialistic principles. Socialism alone under its principles and values is very difficult in today's world. They have been engaged either with democratic principles or with communistic thoughts. Countries like China, Russia are the best examples of Social-Communism whetheras America, England have followed Social-democratic system.

(1)Social-Democratic System



In such system, socialistic thought has been embedded with democratic principles. Basic principles of socialism have mixed with democratic ideas to build a new system. Democratic rights of citizens are properly provided and secured along with Socialistic welfare. In such a system state regulations, control, production, and distribution of products are fully controlled by a democratically elected government or state. Most of the countries today operate under this system; government and individual both can control their production and distribution. United States of America(USA) is the best example of a country running under social-democratic principles.


(2)Social-Communism System



In such a system, socialism is combined with communism to make a new system. Principles from both systems is been mixed to establish and implement the new system. Communistic principles are engaged with socialistic principles for the betterment of state and people. One similarity between both socialism and communism is they hate capitalism. The main difference between socialism and communism is; communism rules the state through a single communist party but in socialism, there is no restriction over political parties over any state or country. China is the leading example of having a social-communism system.


Characteristics:

-Public(State) ownership
-Proper planning on the economy of the state
-Economic equality
-Availability of basic needs
-Price control
-No more competition

Advantages:

-Social justice
-Equal distribution of wealth and income
-Balanced economic progression
-Economic stability
-No economic discrimination
-Social Harmony


Disadvantages:

-No Incentive
-Very less possibility of economic freedom
-Doesn't care about consumer freedom
-Too much Social welfare
-Lack of enthusiasm as there is no competition
-Very slow progression of the nation's economy

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