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Economic system

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Forman Christan College Lahore
Forman Christan College Lahore

Socialism is an ideology that argues citizens are best served by policies that meet the basic needs of society rather than individuals. It originated in Western Europe in the 1800s as critics advocated for reforming the inequality of the Industrial Revolution through egalitarian wealth distribution and small communities without private property. Socialism aims to provide all citizens access to survival needs and care for those unable to participate economically. However, criticisms argue socialist economies may be inefficient and incompatible with civil liberties, and do not eliminate poverty despite redistributing some wealth.

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Economic system
An economy, or economic system, is the way a nation makes economic choices about how the nation will use its resources to produce and distribute goods and services.
Economic system
Economic system
Socialism: An ideology arguing that citizens are best served by policies focused on meeting the basic needs of the entire society rather than on serving the needs of individuals as individuals.
Background: The English word socialism (1839) derives from the French socialisme (1832) the mainstream introduction of which usage is attributed in France, to Pierre Leroux and to Marie Rocha Louis Rey baud and in Britain to Robert Owen in 1827 father of the cooperative movement. Western European social critics, including Robert Owen, Charles Fourier, Pierre-Joseph Proudhon, Louis Blanc, Charles Hall and Saint- Simon were the first modern socialists who criticized the excessive poverty and inequality of the Industrial Revolution. They advocated reform via the egalitarian distribution of wealth and the transformation of society to small communities without private property. Saint-Simon delineated collectivist principles to reorganize society and build socialism upon planned, utopian communities.
Abolition of private property. Equality, abolition of hierarchies in society. Islamic socialism succeeded in political mobilisation of the masses and Islamisation increased the role of religion in politics. Socialism provides all citizens with their survival needs, creating a stable social environment. People who cannot participate economically (due to mental disabilities, age, or poor health) are still valued and cared for.
Criticisms of socialism range from claims that socialist economic and political models are inefficient or incompatible with civil liberties to condemnation of specific socialist states. A socialist command economy could not adequately transmit information about prices and productive quotas due to the lack of a price mechanism, and as a result it could not make rational economic decisions. Socialism might redistribute some of the wealth of the richest members of society yet it does not eliminate poverty.
They have high GDP They are facing corruption The population is dependented on agriculture The judiciary is such that cases are not disposed of in a very short time
Understood in this way, socialism is not an imposition on the rich by the poor, in Aristotles phrasing of the danger. It is an instance of the rule of all by all, under common terms of association and it is an instance of an intervention by the state that belongs in a larger package. It is not factional politics.
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Economic system

  • 2. An economy, or economic system, is the way a nation makes economic choices about how the nation will use its resources to produce and distribute goods and services.
  • 5. Socialism: An ideology arguing that citizens are best served by policies focused on meeting the basic needs of the entire society rather than on serving the needs of individuals as individuals.
  • 6. Background: The English word socialism (1839) derives from the French socialisme (1832) the mainstream introduction of which usage is attributed in France, to Pierre Leroux and to Marie Rocha Louis Rey baud and in Britain to Robert Owen in 1827 father of the cooperative movement. Western European social critics, including Robert Owen, Charles Fourier, Pierre-Joseph Proudhon, Louis Blanc, Charles Hall and Saint- Simon were the first modern socialists who criticized the excessive poverty and inequality of the Industrial Revolution. They advocated reform via the egalitarian distribution of wealth and the transformation of society to small communities without private property. Saint-Simon delineated collectivist principles to reorganize society and build socialism upon planned, utopian communities.
  • 7. Abolition of private property. Equality, abolition of hierarchies in society. Islamic socialism succeeded in political mobilisation of the masses and Islamisation increased the role of religion in politics. Socialism provides all citizens with their survival needs, creating a stable social environment. People who cannot participate economically (due to mental disabilities, age, or poor health) are still valued and cared for.
  • 8. Criticisms of socialism range from claims that socialist economic and political models are inefficient or incompatible with civil liberties to condemnation of specific socialist states. A socialist command economy could not adequately transmit information about prices and productive quotas due to the lack of a price mechanism, and as a result it could not make rational economic decisions. Socialism might redistribute some of the wealth of the richest members of society yet it does not eliminate poverty.
  • 9. They have high GDP They are facing corruption The population is dependented on agriculture The judiciary is such that cases are not disposed of in a very short time
  • 10. Understood in this way, socialism is not an imposition on the rich by the poor, in Aristotles phrasing of the danger. It is an instance of the rule of all by all, under common terms of association and it is an instance of an intervention by the state that belongs in a larger package. It is not factional politics.