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 advantages of a bicameral legislature include stability, more varied representation and the passing of quality legislation. The disadvantages include deadlock and unequal representation. A majority of the countries in the world have bicameral legislatures.Full Answer >
Unitary governments draw praise for creating uniform laws, policies and administrative procedures, and for fostering a national sense of unity and stability. Unitary governments are essentially those that operate under a central system of power. In these government systems, all powers vested in the government are held by a single, central controlling agency.Full Answer >
One of the most significant societal benefits of a democracy is that it is intended to provide equality and access to opportunity for all citizens. Additionally, a democracy is designed with checks and balances to minimize the potential for abuses of political power.Full Answer >
In a Communist economy, the government owns most of the means of production and will determine the allocation and provision of resources, products and services. In practice, this has led to the diversion of economic resources from the people, or consumers, to the industrial and military sectors.Full Answer >