Socialism

Report by Jeremy Lhile Balos

By definition, socialism is a political and economic
theory of social organization which advocates that the
means of production, distribution, and exchange
should be owned or regulated by the community as a
whole.
 Socialism

is an economic system where

everyone in society equally owns the
.

The four factors of production are ,

entrepreneurship, , and
.
 Socialism

Socialists take into account both individual needs

and greater social needs. They allocate resources
using central planning, as in a command
economy.
 Socialism

Examples of the greater social needs

include transportation, defense, education, health
care, and preservation of natural resources. Some
also define the common good as caring for those
who can't directly contribute to production.
Examples include the elderly, children, and their
caretakers.
 Socialism
A line that best describes socialism:

" , to each
according to his contribution."
" ; to
each according to his contribution."

This means that everyone in the society

receives a share of the production based on how
much each has contributed.

This system motivates them to work long hours

if they want to receive more. Workers receive their
share of production after a percentage has been
deducted for the common good.
 Advantages of Socialism
• Under socialism, workers are no longer exploited because they own
the means of production. Profits are spread equitably among all
workers according to their individual contribution

• The cooperative system also provides for those who can't work. It
meets their basic needs for the good of the whole society.

• The system eliminates poverty. It provides equal access to health

care and education. No one is discriminated against.

• Everyone works at what one is best at and what one enjoys. If

society needs jobs to be done that no one wants, it offers higher
compensation to make it worthwhile.

are preserved for the good of the whole.

Disadvantages of Socialism
• The biggest disadvantage of socialism is that it
relies on the cooperative nature of humans to
work. It ignores those within society who are
competitive, not cooperative. Capitalism
harnesses this " " drive. Socialism
pretends it doesn't exist.

• The government has a lot of power. This works as

long as it represents the wishes of the people. But
government leaders can abuse this position and
claim power for themselves.
Attribute Socialism Capitalism Communism Fascism

Factors of production Everyone Individuals Everyone Individuals

are owned by:

Factors of production Usefulness to Profit Usefulness to Nation

are valued for: people people building

Allocation decided by: Central plan and Central plan Central plan
supply

From each according Ability Market Ability Value to the

to their: decides nation

To each according to Contribution Wealth Need Value to the

their: nation
Development of Socialism
Socialism arose because of:

1. Social inequalities brought about by industrial

capitalism in Europe

2. Colonialism in Africa, Asia and Latin America

3. Tribal values and religious ideology in African

and Arab countries
 Principles of Socialism
Socialism is primarily an economic model, and thus has
been an instrument in the labour movement. It values:
• Community

• Cooperation

• Equality

• Class politics

• Common Ownership