There are many common misconceptions regarding socialism. When you hear the term “socialism”, what is the first thing that comes into your mind? It can be defined as an open interpretation that attempts to lessen political, medical, economic and social inequalities among people. In order for you to have a solid and educated understanding about the stated topic, here are some of the pros and cons of socialism that you need to learn and know.
The Pros of Socialism
- Social Equality – When it comes to social equality, public education is considered as one of the best examples to easily equalize the education for people.
- Economic Equality – In the field of economic equality, public housing, social security, food stamps and minimum wage are considered as the excellent ways to easily reduce poverty.
- Medical Equality – It is a fact that everyone must need to get healthcare even those unemployed individual has the right to receive healthcare services. Those persons who can’t pay their medical needs must also receive healthcare services.
- Political Equality – When it comes to political equality, socialism has the ability to increase the rights of the workers and allow two political parties.
The Cons of Socialism
- Higher Cost – Basically, socialism has higher cost than other government forms therefore taxes are high in some of the socialistic countries. Most of the socialistic countries have higher debt for every citizen.
- Less Entrepreneurship – When taxes are high, most of the entrepreneurs will find a hard time and difficulty to start up their new business. If a certain company encounters economic trouble, the usual thing that they will do is to lay off most of their employees just to save their company as well as the jobs of their respective employees.
- Big Government – If there are more taxes, it simply means it has a big government. Most of the big governments usually tend to have less innovation and stagnation and this is one of the reasons why small companies can easily adapt this kind of circumstances.
- Communism – It is true that communism is a big part of socialism however, communism does not completely work and the usual outcome of this is socialism doesn’t have the ability to imply communism.
- Inequalities – According to researches, it is quite impossible to easily eliminate inequalities through socialism since socialism does not completely work it only attempts to eliminate inequalities.
How Do You Feel about Socialism?
In the modern world that most people are experiencing nowadays, socialism plays a significant role in every life of individuals. As a human being, you have the right to be treated in an appropriate manner with an equal point of view. It does not matter if you are rich or poor, what matter most is the equal treatment that you deserve to receive. In this way, you will completely understand the real significance of socialism in the modern life.
