Question

Is socialism a viable option when compared to capitalism?

Answer 1

In a socialist economy government owns and controls the majority of production and equally redistribute the wealth, resources from the rich to the poor. Here, state plays the role of primary employer. During times of economic crisis, the socialist economic can order hiring and control the employment.

On the other hand in a capitalist economy the property and businesses are controlled by individual owners. Their main purpose is to find more efficient ways of producing quality goods. Here, efficiency takes priority over equality. The state does not take responsibility of workforce which lead to unemployment during times of economic crisis..

So, In this regards we can say that at the period of economic recession the socialism is a viable option when compared to capitalism..

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