Points Against Socialism

Socialism

Quote:

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

Low motivation

  • Responsibility of food, shelter and clothes by State
  • Everyone gets what he needs
  • Become Less dedicated to work

Ranking problem

  • Salaries are fixed
  • Expertise and past experience is not given value
  • No promotions according to the expertise, education and experience

Slow Growth

  • 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

EXAMPLE:-

Soviet Union is an example which got separated due to Socialism.

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