Benefits Of Socialism
Benefits of Socialism
Socialism is a political scheme that advocates for government ownership and management of industry. Many benefits can be derived from using a socialist system of governance. Further down are a couple of benefits of socialism.
1. Better salaries
Under capitalism, employees only get a small amount of the total wealth they produce for the country. A huge share of this amount usually goes to capitalist owners, insurance firms, bankers, politicians and lawyers among others. Through eliminating these actions, socialism enables employees to get much better salaries.
2. Stable environment
Since socialism offers the government control of most of functions in the society, it can therefore be used for providing all citizens their survival requirements. It can easily create a stable environment provided the produced products meet the demand of the citizens. Socialism also enables people to raise their living standards significantly through averting the millions of dollars spent producing weapons.
3. Eliminates poverty
Under capitalism, technology is mainly used for replacing workers and enhancing profits. Rather than creating a wealthy society, capitalism makes use of machinery for creating poverty and unemployment. Nevertheless, socialism does not use industries for private profit, but these profits also benefit the people. This means that the employees who built the industries can also receive some benefits through socialism.
4. Better products
Socialism ensures that the responsibility and ownership of various industries is placed on the local people and not the selected few. Different from what many people believe, this action actually enhances the overall quality of both goods and services. Employees usually work much harder than before since they now have something to gain from producing better goods.
The only problem with socialism is that the total power over an economy usually corrupts the state and this could possibly lead to unscrupulous use of the country’s resources.
Written by : Harri Daniel and updated on July 27, 2011