To take from one, because it is thought that his own industry and that of his fathers has acquired too much, in order to spare others, who, or whose fathers have not exercised equal industry and skill, is to violate arbitrarily the first principle of association, ‘the guarantee to every one of a free exercise of his industry, and the fruits acquired by it.
Thomas Jefferson quotes
Def. of Socialism:
- Economic system
- Productive Resources owned by State
- Equality is given importance
- Responsibility of food, shelter and clothes by State
- Everyone gets what he needs
- Become Less dedicated to work
- Salaries are fixed
- Expertise and past experience is not given value
- No promotions according to the expertise, education and experience
- Many liabilities of a State
- Less dedicated people
- Absence of competition
Establishment of Monopoly
- Government becomes monopolist.
- Ruling Class occupies the entire economy, so government officers become Monopolists
- Problems of monopoly comes like abnormal prices, no consumer sovereignty and inferior goods etc
Soviet Union is an example which got separated due to Socialism.