Socialism: Meaning, Origin, Development, Features, Advantages And Disadvantages

Table Of Contents
1. Meaning Of Democracy
2. Origin Of Democracy
3. Development Of Democracy
4. Features Of Socialism
5. Advantages Of Socialism
6. Disadvantages Of Socialism
Socialism is the political and economic system where the major means of production, exchange and distribution of goods and services are owned and controlled by the state or government.
The main aim of socialism is to ensure equal distribution of the nations wealth (satisfying the need of the people). Countries that practise socialism are called “socialist countries”. They are soviet union i.e Russia (first country to embrace socialism).
Other countries include: China, Romania, Poland, Tanzania, Ethiopia, Angola, Burkina Faso, Gumea and Mozambique.
The Theory of socialism originated as a protest against the evils of capitalism by a German Scholar named “Karl Marx” who was born in 1818 and died in 1883. Karl marx was regarded as the father of scientific socialism. He was assisted by his friend rich Engels born in 1820 and died in 1895. Lenin was the man who led his Solsherik faction of the nissian social democratic party to the first socialist revolution in the world in 1917.
Features Of Socialism
There are certain things to observe in a system to show that such a state is operating as socialist state or practicing socialism. Such features or characteristics include:
1. There is the state ownership and control of the means of production.
2. Equal distribution of nation’s wealth is maintained.
3. There is gainful employment for all citizens.
4. Free medical services and free education are provided for all citizens.
5. There is the existence of any one political party.
6. Prices of all state produced goods and services are uniform.
7. Competition in the areas of production and price is absent.
8. Individuals are not allowed to engage in the production and distribution of goods and services.
9. Production is mainly embarked upon to satisfy the needs of the people and not for profit.
10. There is one central planning economic system (for prevention of wastes).
Advantages Of Socialism
1. Job Security: There is no fear of undue loss of job since it is government that creates job and employs all.
2. Industrial Harmony: There is industrial harmony because the conditions of service for workers are uniformly determined by the state.
3. Exploitation: The tendency to exploitation is eliminated in the system.
4. Welfare: The welfare of the people is adequately taken care of by the state (government).
5. Issue Of Class: There is no class distinction in the system.
6. Unity: People are brought together under one central authority. It gives the people sense of belonging.
7. Resources: Resources are equitably distributed among the citizens.
8. Unhealthy Rivalry: There is no unhealthy rivalry in the area of production. The state is only involved.
Disadvantages Of Socialism
Socialism as a system has such demerits like:
1. The absence of competition has virtually affected the quality of goods produced. Most of the goods are of low quality.
2. The government controls all aspect of the economy, it does not give for personal initiative and creativity.
3. The economy may not grow fast because individuals are not allowed to take part in running the economy on a large scale. This makes economic development to be very low.
4. The consumers may have no alternative on the choice of goods since almost all goods are produced by the government.
5. Socialism does not encourage division of labour and specialization.
6. Most socialist states are one party states and can possibly become oppressive and dictatorial.

See also  Poem: ABIKU by Wole Soyinka
Please Help Us By Sharing: