Question

Discuss the strengths and weaknesses of the economic system of socialism.

Answer 1

Since the economic system of socialism is controlled by the state the central authority and not by private authorities such as the capitalist class it has the advantages of better economic efficiency as things are not subject to the market risk and they are controlled by the government. Less economic inequality as; there is no capitalist class in this system. However, the disadvantages include; red tapism, generation of an artificial system leading to lack of individuality and innovation.