Socialism is a subject that is often debated but seldom comprehended. Having said that, let's take a closer look at what socialism is.
To begin, socialism is an economic structure in which everyone in society owns the factors of production equally. That ownership is acquired through a democratically elected government or through a cooperative or a public corporation in which everyone owns shares. The government makes all legitimate production and delivery decisions, and they even regulate prices for utilities and products. Within that, socialists believe that ownership of land and central planning distributes evenly among citizens, resulting in a more democratic community and real democracy and prosperity for them.
Furthermore, all that people create is a common asset in any sense, and everyone who contributes to the creation of a good is entitled to a portion of it. Some of the socialists shared their perspectives by saying that everything other than their clothing should be public property. This started some controversial opinions, others claiming that they would like to keep private ownership for their houses and small businesses.
The following are some of the features that can be found in this system:
Public ownership
Economic planning
Provision of basic needs (the government provides everyone, no matter of their social statuses, with food, shelter, education, health)
No competition (limited choice when it comes to buying products; they don’t have a wide range of products)
Price control (the government sets the prices to the products and the price will be the same everywhere in the country)
However, let’s take a step back and see where and how all of this started. It is often said that the theories that lie behind have existed since antiquity. The first socialist who exposed the ideas and also established them in a country was Lenin, in Russia, during the Bolshevik Revolution (1917). Later, socialism was split into 8 types:
Democratic Socialism- this is usually found in a region/country with a democratic system and socialist goals. (for example, Denmark, Germany, UK, France, Portugal, etc.)
Market Socialism- entails workers owning the means of production, with any surplus produced being sold for free on the market. (Cuba)
Authoritarian State Socialism- the government owns all means of development. (Soviet Union, China)
Revolutionary Socialism- they assume that only a revolution will bring on socialism.
Utopian Socialism- first beliefs about socialism. This cannot be achieved in real life.
Libertarian Socialism- people assume that this form of socialism can be accomplished without the intervention of the state.
Religious Socialism- socialism that was developed thanks to religious beliefs.
Green Socialism- socialism which also protects nature.
Fabian Socialism- they choose peace over revolution for achieving socialism.
Bringing all into account, there are visible advantages, like justice for everybody, but we can see some disadvantages too, such as the lack of freedom when talking about economy and goods. In the end, any government will do what they believe is best for their country and if they believe that socialism is the best solution, well... don't you think it's worth a shot?
Resources:
-https://www.cleverism.com/socialism-characteristics-pros-cons-examples-and-types/
-https://www.thebalance.com/socialism-types-pros-cons-examples-3305592
-https://www.investopedia.com/terms/s/socialism.asp
Editor- Verdeata Stefania
Comentarios