Socialism Explained

What is socialism?

Socialism is defined as an economic system where everybody within the society equally owns the factors of production, taking into account both individual and collective needs (education, transportation, defense, education, health care).

Socialists believe in the follow motto “ from each according to his ability, to eah according to his contribution”, which means that everyone within the society receives a share of the production based on how much each has contributed, creating motivation for people to work longer hours.

What are the Pros and Cons of socialism?

Socialism has several pros such as :

1. Workers are not exploited (Profits are spread equitably among all workers according to their individual contribution)
2. The system provides for those who can’t work, meeting their basic needs for the good of the whole society
3. Elimitates provery by providing equal acess to education and health care

However it also has some cons:

1. Relies on the cooperative nature of humans to work ignoring those within society who are competitive -tend to seek ways to overthrow and disrupt society for their own gain
2. socialism doesn't reward people for being entrepreneurial, struggling to be as innovative as a capitalistic society.
3. Government has a lot of power

Are there any types of socialism?

There are eight types of socialism:

1. Democratic Socialism:  production are managed by the working people, and there is a democratically elected government.
2. Revolutionary Socialism: Socialism will emerge only after capitalism has been destroyed.
3. Libertarian Socialism:  the basic nature of people is rational, autonomous, and self-determining and once the strictures of capitalism have been removed, people will naturally seek a socialist society that takes care of all, free of economic, political, or social hierarchies. 
4. Market Socialism: Production is owned by the workers that decide how to distribute among themselves.
5. Green Socialism: values the maintenance of natural resources.
6. Christian Socialism
7. Utopian Socialism
8. Fabian Socialism

 

source: https://www.thebalance.com/socialism-types-pros-cons-examples-3305592