Essay on Socialism – Introduction
Essay on Socialism – Socialism is a populist economic and political system based on the ownership of the means of production by the government. The technology, tools, and factories used to generate commodities that directly meet human needs are examples of these means.
Both communism and socialism are umbrella words for two left-wing economic schools of thought; both oppose capitalism, although socialism predates by a few decades the “Communist Manifesto,” a pamphlet by Karl Marx and Friedrich Engels published in 1848.
In a truly socialist society, the government makes all legal decisions about production and distribution, and people rely on the government for everything from food to healthcare. The output and pricing levels of various commodities and services are set by the government.
Understanding Socialism
Under socialism, common ownership might take the form of technocratic, oligarchic, totalitarian, democratic, or even voluntary governance. Socialism is frequently referred to be a utopian or “post-scarcity” system due to its practical difficulties and poor track record, while current advocates feel it may work if properly implemented.
They say that socialism promotes equality and security since a worker’s worth is determined by the quantity of time they labor rather than the value of the goods they produce, whereas capitalism exploits workers for the benefit of the affluent.