Question

1. Critics of Marxist Socialism say that a socialist system gives no incentive or motivation to the workers. What do they mean by this? Discuss why you agree or disagree with it.

Answer 1

Critics of socialism have argued that in any society where everyone holds equal wealth which is what they believe is the result of socialism, there can be no material incentive to work because one does not receive rewards for a work well done.
Disadvantages of socialism include slow economic growth, less entrepreneurial opportunity and competition, and a potential lack of motivation by individuals due to lesser rewards.

The chief economic problem of socialism has been the efficient performance of the very task for which its planning apparatus exists—namely, the effective coordination of production and distribution.

The failure of socialist economies has been blamed on the neglect of technological progress and inefficient investment