Jun 29th, 2016
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CONCEPT OF SOCILAISMSocialism is a type of economic system that is highly controversial all around the world.In a socialistic society the government owns all of the industries, which means that theycompletely control them as well. They determine prices, amount of production that happens,and just about everything else that has to do with the economy. The main goal of this is tobring equality to the people, help manage the uneven distribution of wealth, and take awaythe class divide. While socialism is certainly a good theory, its real life applications have provedsome very real issues with the Utopian society.Characteristics of socialismPublic Ownership:It has the public ownership of all the means of production and distribution. This is also knownas collective ownership whereby all means are owned, controlled and regulated by the state. Insocialist economic system the basic motive of government is not profit but to get targetedobjectives.Planned Economy:State is responsible to plan all the economic activities like production, exchange, distributionand consumption which have great importance in socialism. Since the laws to demand andsupply do not operate in this system, the country is more likely to incur speedy economicgrowth and since the state is solely responsible for the distribution of wealth, the society as awhole prospers.Classless Society:In a capitalist economic system there are different living standards like upper, middle and lowerclass. Struc

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