The advantages of a socialist economy include better social welfare systems, more efficiency and absence of monopolies. In a socialist economy, the people are taken care of before anything else is.Continue Reading
A socialist economy gives individuals a chance at equal opportunity that is based on their contributions toward a total goal. Companies and businesses are owned by public sources that include the government. The people who work for these companies are compensated according to the contributions that they make toward these companies. Citizen healthcare and well-being is taken care of by the government from a pool that comes from all of the citizens of the economic system.
Nearly all people in a socialist economy are equal. This equality contributes to the fairness of the policies that are established by the socialist government. All items and goods that are needed for the country are imported and produced according to the specific demand of the citizens. Citizens all have equal opportunities for employment, healthcare and housing. Citizens, goods and employment are all treated the same way regardless of the size of the company that is handling the entities. Socialist economies do not have room for a single large corporation to monopolize an entire industry and group of people.Learn more about Types of Government
As of 2014, there are no countries that have pure socialism, which is actually an economic system and not a form of government. The former Soviet Union is the best example of true socialism, while China, North Korea and Cuba are the three modern countries with the most socialist economies.Full Answer >
Examples of socialism in the United States include public utilities, cooperatives, Internet service, health care centers and public land development. These socialist programs are in addition to the many public programs that exist to provide a social safety net.Full Answer >
The primary difference between communism and socialism is that communism is a political system and socialism is chiefly an economic system. Communism focuses on putting the working class in charge of society by having the government control the means of production, whereas socialism focuses on making sure that all individuals have their basic needs met.Full Answer >
Communists believe in socialism and are interested in protecting workers as well as creating equal opportunity for everyone by nationalizing banks, industries and railroads. Communism is at odds with the United States government because it rejects capitalism, a founding principle of the American government.Full Answer >