by Allen Gates

Created on: December 15, 2010   Last Updated: December 25, 2010

Socialism promotes the well being of the community as a whole. Efficiency, better standard of living, and fairness provide greater opportunities for everyone as well as the society. Capitalism cannot exist in its pure form because wealth becomes increasingly concentrated without government intervention.

This socialist economic model is efficient because profits are not the main motivating force behind business. Socialism can look much like capitalism. Stock markets and profits can exist. The main difference is that when someone accumulates grossly disproportional amounts of wealth compared to the rest of society an imbalance is recognized. Above a certain earnings amount there is no need for more income. The majority of earnings are fed back to society through the government to better the advancement of society. The profits can be used to reduce pollution, develop better ways of transport and many other things to make everyday life easier for everyone. This leads to people having to do less work to earn the same amount of money.

Individuals remain motivated through a better standard of living for all. Entreprenuers do need to exist to create business and lead to innovations. The people will dictate what it is worth to have opportunities for business and wages will likely vary by large amounts to ensure there is reward for the highest achievers. Wages cannot be left to the free market because there are certain needs that will operate as a loss such as health care.

The system is fair because all of the society are owners of natural resources such as land, oil, and other raw materials. All of the profits go back to the people through the government to pay for whatever the society needs or desires. As a result everyone benefits from being a member of society. The great success  for socialism here is that it does not encourage gross accumulation of wealth. 

Socialism is always present in some form of society. The creation of a military is for the benefit of all and is paid for by the taxes of its citizens. There are many other things that are shared such as power distribution, water distribution, sewage, libraries, schools, and hospitals. There are many others but it comes down to what people of a society need and want. These are programs that model socialism and its ideal.

Socialism has an opportunity to work because it is the most advanced type of economic system available. It puts society before the individual, which in the end is better for the individual. Although many societies have tried and failed with a socialist system it is still being refined and incorporated in different ways to different degrees.

Learn more about this author, Allen Gates.
Click here to send this author comments or questions.