What is Socialism
What type of government is Socialism
A system that encourages cooperation rather then competition among citizens
Pro #1
Cons #1
Welfare state can create disincentives to work
What is the origin form of government.
Marx and Engels developed a body of ideas
Pro #2
More equal Society
Con #2
Entrepreneurs may prefer to move tax havens abroad
Who is the decision maker
The government
Pro #3
Promotes common good and social welfare rather then selfish aims
Con #3
Powerful unions cause antagonism between workers and owners
What does the decision maker do
determines all output and pricing levels and supplies its citizens with everything from food to healthcare.
Pro #4
Promotes protection of environment
Con #4
Government failure in regulation and ownership of industry
How is power acquired
Power is acquired by the people, Everyone pays taxes to provide for their well being. These taxes go to pay thins like healthcare and education
Pro #5
Regulates excesses of free market- externalities, monopoly, and monopsony.
Con #5
Excess labour market regulation can lead to less employment