Benefits of Socialism

Image result for Benefits of SocialismIn a socialist society, means of production are regulated and owned by the state. There are many misconceptions about socialism and its various benefits. Therefore, let us examine the advantages of socialism.

First, socialism takes the responsibility, benefits, and ownership of resources out of the hands of a few people and puts them in the collective hands of all people. With socialism, workers own the means of production, resources, and companies. Therefore, they have a vested interest in the well-being of the companies they work for.

Second, socialism creates communal values. Socialism encourages the idea that “we are working together” instead of each man fighting for himself at any cost. Consequently, socialism does not only ensure equal distribution of workload but also have positive social benefits.

Socialism also enables workers to reap all the benefits of their efforts and puts to an end the institutionalized robbery of the workers who produce the wealth. Thus, when done right, it can raise the living standard of the entire nation.

Finally, socialism can raise the level of health s and education services and make them available for all people thereby raising the quality of life for all citizens. Consequently, when don correctly, socialism helps to end political unrest because everyone has a chance to participate in the system.

References

https://www.boundless.com/business/textbooks/boundless-business-textbook/economics-and-business-2/businesses-under-socialist-systems-30/the-benefits-of-socialism-163-6750/

http://www.yourarticlelibrary.com/economics/socialism-features-merits-and-demerits-of-socialism-economics/10542/

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