what is socialism

                             What's socialism?

This is a system of government whereby the central government control the means of production of goods and services. In this system of government private ownership doesn't exist they are no where to be found. This is informing us that means of production comes direct from the government, private ownership are not allowed to produce unlike capitalism that allows that. Example of country that practice socialism are, Saudi Arabia, China , Cuba and lot more...

Russia was the first country to practice socialism.

Features of socialism

- It is own by the state.

- It's not make for profit making it is generally to provide for the needs of the citizen.

- employment,there is employment for citizens.

- competition is absent because private ownership is not allowed.

- Provision of social amenities, free education and and free medical services.

Merit of socialism

1. Job security, there is no fear of loss of job, because government are the creator of jobs, so employment is for all citizen.

2. There is no issue of class. Eg Distinct of poor and the rich.

3. People are brought together under central authority.

4. There is no unhealthy or rivalry in the area of rivalry because the state is only involved.

5. There is resources and is equitably distribute among the citizen.

Demerit of socialism

1. There is no competition in this system of government

2. Economy may not grow fast, because individual are not allowed to take part in the economy on a large scale.

3. There is absence of choice, because all good are produce by government.

4. In Socialism the state control the state control the means of production and this reduce competition among entrepreneurs.

5. Economic development is very low because government are slow in decisions.

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