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SOCIALISM
- Meaning of Socialism
- The Features of Socialism
- The Merits of Socialism
- The Demerits of Socialism
- Comparison of Capitalism and Socialism
Meaning of Socialism
Socialism is a political and economic system in which all or a large part of the means of production and distribution are collectively owned and controlled by the state. Karl Marx a German scholar was the founder of modern socialism. The basic reason why the government has the possession of the wealth of the society is for its redistribution in a way that the gap between the haves and the have-nots (capitalism) would be bridged. The system has been practiced at one time or the other by countries such as the former Soviet Union, Cuba, Poland, China, etc.
The Features of Socialism
The following are the features of socialism:
- State ownership and control of all or greater part of means of production and distribution.
- It is democratic in nature because it allows for greater participation of citizens in decision making process as regards production and distribution of goods and services in the country.
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