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Socialism: Featues, Merits and Demerits of Socialism

On July 27, 2015 By Amit Goel
Category: Blog

Socialism
Socialism stands for the principle of equality, equality in justice, equality before law, equality in opportunity
of growth and development and education.

Features
Economic and social Reform:Socialism aims at providing economic minimum to every individual. It
undertakes to provide reward for work, adequate leisure, recreational facilities and care for old and in rm for
implementation of social welfare objectives.

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Equality:The state favors equitable distribution of economic resources so as to remove unemployment,

insecurity and economic inequality.

Social Justice: Social justice signi es from each according to his ability, to each according to his needs.
Socialism provides the workers their rightful share in the pro ts. It is based on altruistic and moral
principles in as much as it gives ample scope to everybody to attain his best self.

Society:Socialism oppose individualism. But individual cannot live without society. The interests of the
individual cannot be antithetical to the interests of the society. If needed, the individual must be prepared to
sacri ce of his own private interest for the larger interest of the society.
Private Property: Socialism abolishes private property which divides the society and aims at providing
material comfort to individuals of private ownership of the means of production. Life is subject to
qualitative growth but not a quantitative measurement so socialism believes that private property in any
form is a theft.

Means of Production and Distribution:Socialism stands for planning. Under socialism the collective
ownership and control of the means of production, distribution, and exchange are effectively regulated by
the state. It advocates nationalization of industries that gives bene t to the workers and provides them
incentives to work. It also restores order and discipline in the economy and transcends progress.

Co-operation and peaceful change:Socialism pleads for co-operation. Completion results in wasteful
expenditure and the deliberate attempt to defraud the workers and injure the consumers. Instead of
completion, rich and poor alike should co-operate each other for the wellbeing of the society. Socialism
makes the way open for decentralization and delegation of authority for smooth administration and
development. Hence, any social change that becomes a reality must be gradual and peaceful in nature.

Merits
Socialism is an antithesis of individualism. It is against individual or class sel shness and places the society
above individual.

1. Socialistic method of production and distribution aim at the maximum good of the community with
minimum pro t or no pro t at all.
2. Socialism is based on the principle of equality and social justice. It believes in the principle that all
men are created equal. Hence equitable distribution of wealth is necessary to bring social justice in
the society.
3. Socialism avoids labor troubles like strikes, lockouts by giving workers their rightful share in the
pro ts.
4. Socialism opposes the competitive methods of production and insists on co-operation. The state
should properly plan its economic resources and execute the plans in such a manner that there will be
best possible utilization of whatever little is there.
5. Socialism is based on altruistic and moral principles that give ample scope to everybody to attain his
best self.
6. It abolishes the tyranny of private property, which divides the society and thereby aims at bringing
about social unity and social consciousness.

Demerits
 1. Socialism may develop a stepping stone to totalitarianism by putting excessive power in the hands of
the government.
2. As the means of production are increasingly being taken over by the state, the incentive to produce
more and more is gradually decreased.
3. As the state undertakes to do what private enterprise generally does, a wide scope is created for red
tape, bribery and corruption in the large-scale bureaucratic control.
4. As individualism is discouraged and individual freedom is curtailed, there is the possibility of
degeneration of the individuals character.
5. Under socialism, the consumers sovereignty disappears. The consumer will have to adjust his needs
to production in the absence of any alternative choice.
6. In the absence of competition the quality of goods produced will go down.
7. Socialism neglects ethical values in human life at the cost materialistic and utilitarian considerations.

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2. Essay on Democratic Socialism in India
3. Paragraph on Socialism in Indian Constitution
4. Technology: Meaning, Merits and Demerits of Technology
5. Paragraph on Marxism
6. Partnership Business: Merits and Demerits of Partnership Business
7. Social and Economical Justice in Indian Constitution
8. Importance of Preamble In Indian Constitution
9. Short Paragraph on Liberalism

Category: Blog
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RELATED POSTS

1. Forms, Merits and Demerits of Democracy

2. Essay on Democratic Socialism in India

3. Paragraph on Socialism in Indian Constitution

4. Technology: Meaning, Merits and Demerits of

Technology

5. Paragraph on Marxism

6. Partnership Business: Merits and Demerits of

Partnership Business

7. Social and Economical Justice in Indian

Constitution

8. Importance of Preamble In Indian Constitution

9. Short Paragraph on Liberalism

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