SOCIALISM (By: Dabo Euclid)

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                                                            INTRODUCTION
            Socialist economy is based on central planning of all economic activities as opposed to the capitalist market price mechanism. Karl Marx (1818-1883) was the founder of the modern socialism.
            In Africa, countries like Ethiopia, Tanzania, Angola, Burkina Faso, Guinea and Mozam Bisque have experimented and some are still experimenting various shades of socialism.
                        Karl Marx’s collaborator in developing modern socialism was his friend Friendrtich Engels (1820-1895). Vladimir Lenin led his Bolshevik faction of Russian social-democratic party (now styled the communist party of Russia) to carry out the first socialist revolution In the world in 1917 in the defined union of the soviet socialist Republic (USSR).
                                                                DEFINATION
            Socialism may be define as a political cum economic system in which all or a larger part of the means of production and distribution are collective own and controlled by the state (the Government). In this political system, all the non-human materials of production and distribution are controlled and operated by the government on behalf of the citizens of the country as opposed to the profit that it will fetch them.
            Citizens in a socialist country work collectively for the advancement of the country and government on the other hand, caters for every citizen. Goods and services are produced with the sole aim of satisfying the want of the whole citizens of the country as opposed to the profits they will fetch.
            Citizens in a socialist society work collectively for the advancement of the country and the government on the other hand, caters for every citizen. Goods and services are produce according to the need and distributed according to individuals contributions and wants. Private ownership of the means of production, distribution and accumulation of wealth are virtually non-existent in a centrally-planned or socialist economy system. Countries that practice this type of economy system other wise known as the second world includes: Soviet Union, Czechoslovakia, Bulgaria, China, Cuba, Romania, Albania, Poland, The German Democratic Republic etc.
           
FEATURES OR ATTRIBUTE OF SOCIALISM
1.      State ownership and control of all or large portion of production and distribution.
2.      It is democratic in nature and therefore greater number of the citizens participates in taking decisions on what and how to produce and who gets what, how and why.
3.      Absence of economic rivalry among producers on one hand and consumers on the other hand.
4.      Goods and services are not produce mainly to yield profit, but to certify the need of the citizens.
5.      Private firms play little or no role in the production and distribution of goods and services.
6.      Non price competition, involving sales promotion devices such as advertising and others.
7.      Labour is not a marketable commodity, no group of people earn their living entirely and solely from the sales of their labour power.
ADVANTAGE OF SOCIALISM
1.      One of the advantages of socialism is it leads to equitable distribution of recourses and caters for the need of the citizens.
2.      More goods are made available to the citizens in a country that adopt socialist economy and it creates a room for hoarding.
3.      It is also agued that socialism bridges gap between the rich and poor and gives the citizens a sense of belonging.
4.      Private monopoly is prevented in socialist system, it ensures job security and it is democratic in nature.
5.      Socialism guarantees the rule of law in a country where is been adopted.   
DISADVANTAGES OF SOCIALISM
1.      In a socialist economy there is absence of economic competition; economic system lowers the quality of goods produce.
2.      The system does not provide the people with alternative choices, and it does not encourage specialization.
3.      It is also argued that socialism makes the people lazy and it is not self regulating and self functioning.
4.      Socialism leads to state monopoly which gives rise to inefficiently produce and distribute goods and services.
5.      The system does not encourage faster economic development.
6.       Socialism does not encourage innovation because of absence of competition.
            Socialism is directly opposing capitalism. Capitalism maybe defines as a political system in which all or most of the means of production and distribution are own and controlled by private individuals and the economic activities of the government is at a minimum.
            DIFFERENCES BETWEEN SOCIALISM AND CAPITALISM.

CAPITALISM

SOCIALISM
1.      Allows free enterprise and market economy directly by the force of demand and supply.
-A socialist state has a central planned economy
2.      Breed unequal distribution of wealth.
-Aims at reducing great inequalities of wealth and opportunity.
3.      Allows private or individual ownership of the means of production
-Regard all factors of production as publicly or collectively owned.
4.      Economic activities are duplicated, this lead to competition and waste.
-Economic activities are not duplicated because of central planning.
5.      The objective capitalism is profit maximization.
-Objective of socialism is for the welfare of the people.
6.      Operate with a decentralized political administration.
-Operate with centralized political administration.
7.      The bourgeoisie (capitalism) dominate the working class (protectorate).
Establishes dictatorship of the proletariat.
8.      Capitalism is usually democratic, allows two or multiple-party system: viable and organized opposition and entrenchment of one rule of law.


 
                                                        CONCLUSION
In a socialist society, all the means of production and distribution of goods and services are been own and controlled by the government, there is no private ownership of properties.
      The government in a socialist society, produce not for profit maximization, but in other to ensure the equal distribution of the nations wealth. The government is always imperial and can adequately conduct the productive activities in the state. Citizens in such state, work collectively in other to ensure that the state economy is been develop or advance to an optimal limit for the universal recognition of the state, both within and in the world at large.
      The priority of citizens in a socialist state, is to protect and develop the state, which is been own by each and every citizen.

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