The advantages of a socialist economy include better social welfare systems, more efficiency and absence of monopolies. In a socialist economy, the people are taken care of before anything else is.Know More
A socialist economy gives individuals a chance at equal opportunity that is based on their contributions toward a total goal. Companies and businesses are owned by public sources that include the government. The people who work for these companies are compensated according to the contributions that they make toward these companies. Citizen healthcare and well-being is taken care of by the government from a pool that comes from all of the citizens of the economic system.
Nearly all people in a socialist economy are equal. This equality contributes to the fairness of the policies that are established by the socialist government. All items and goods that are needed for the country are imported and produced according to the specific demand of the citizens. Citizens all have equal opportunities for employment, healthcare and housing. Citizens, goods and employment are all treated the same way regardless of the size of the company that is handling the entities. Socialist economies do not have room for a single large corporation to monopolize an entire industry and group of people.Learn more about Types of Government
The main benefit of socialism is the smaller amount of inequalities between all citizens, but socialism can lead to communism, which has been shown to fail in the past. There are many definitions of socialism but, in general, a socialist society has a larger and more powerful government that is meant to distribute tax revenue and goods evenly.Full Answer >
As of 2015, there are only four countries in the world that formally identify themselves as socialist: China, Cuba, Vietnam and Laos. There is no formal criteria for socialist classification, however, and there is great debate about other nations with governments that closely embrace socialist practices.Full Answer >
The term "oligarchy" refers to a form of government that concentrates power in the hands of an elite group, rather than a central figure, an elected assembly or the people at large, and the primary advantages appear to exist for the benefit of that elite group, while the disadvantages apply to the rest of the citizens who have to follow laws written to benefit that small group. Oligarchies often come about as a response to social disaster, such as the fallout in Germany after World War I or the ruling group in the fictitious country of Oceania that emerged in George Orwell's novel "1984."Full Answer >
The theoretical advantages of Communism include equality for all, social cohesion, accessible health care and education for all. Communism supports the emancipation of women, justice for all, the rise of the proletariat and the abolition of the bourgeois individualist.Full Answer >