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Answer to Question #28670 in Economics of Enterprise for fahad anwer

Question #28670
what are the advantages and disadvantages of socialism
Expert's answer
Socialism it is an economic system under which the majority of production resources are controlled by government in order their equal distribution.
The advantages of socialism are:
- Equal distribution of products among people and price control, which reduce the gap between different social classes;
- Employment securing, provision social welfare to vulnerable social groups;
- Due to economic planning socialism provides ability of better exploiting resources (labor, land etc), i.e. avoid insufficient or excess production;
- Since majority resources and their distribution are under government control there is no chance for producers’ monopoly and additional charges as a result.& &
However, socialism has the following disadvantages:
- Slow decision making process due to high level of bureaucracy;
- Lack of workers motivation to develop their skills and work harder;
- Lack of competition and entrepreneurship discourage economic growth and development of efficient technologies.

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