While the idea of socialism creates disgust and anguish for the right-wing and inspires a new generation in America, many people do not understand it. Countless misconceptions surround the system, and since America might be progressing towards the adoption of such a system, many individuals should establish a basic understanding of this economic system. Because of these reasons, I decided to go on an adventure and to investigate the true nature of such a system. Since teaching and rewriting help to enhance the comprehension of learned information, this post provides a starting point for discussions on socialism and learning tool for myself.
As is the case for all economic systems, the socialist system comes with some defining characteristics. Socialism revolves around the belief that
…show more content…
These countries usually have undergone nationalization of key industries, developed a welfare-state, and instituted a progressive tax system (“Socialist”). Since theses terms are not commonplace, I will provide some basic definitions and explanations.
Nationalization
Nationalization is the process where government forcefully transfers private assets to the state or the public. Hence, nationalization allows for the state to distribute goods for the betterment of society(“Socialist”). Additionally, socialists argue that with government control, workers can have more power than in a capitalist state(“Socialist”). However, the state only nationalizes major industries.
Welfare State
Advocates of welfare states believe that the state should shoulder the responsibility of providing all of its citizens with a livable life(“Welfare”). Therefore, many of these states provide free education, medicare, and financial support for the needy(“Welfare”). However, to accomplish this goal, these states must first redistribute the wealth of its citizens through a progressive tax