EXPLANATION:

Advantages of Socialism

1. Absence of exploitation

A socialistic system ensures that no worker is exploited. How? Well, each of the workers in the community has a say on how the resources are managed, and each person receives and contributes based on an individual’s potential.

According to the socialistic system, each person is guaranteed access to basic goods, even those who are not able to CONTRIBUTE. As a result, the system helps to minimize poverty levels in the society. In addition, each person has the same right to access health care and other important social aspects, such as education.

2. REJECTION of discrimination

The system disapproves discrimination, and each person does what he is good at or what he enjoys best. If there are jobs that should be done and there is no one to perform them, a higher remuneration is provided. Natural resources are PROTECTED for posterity.

Disadvantages of Socialism

1. Dependence on cooperative pooling

Perhaps the greatest disadvantage of a socialistic system is its reliance on cooperative pooling to get things done. In addition, people who are competitive in the community are viewed in a negative light. The society expects cooperation and not competitiveness. According to socialism, competitive individuals TEND to find ways to cause social unrest for personal gain.

2. Lack of competitiveness and innovation

Socialism does not reward entrepreneurial ventures or competitiveness. Consequently, a socialistic system does not encourage innovation as much as capitalism.