Socialism
Socialism stands for the principle of equality, equality in justice, equality before law, equality in opportunity of growth and development and education.
Features
Economic and social Reform: Socialism aims at providing ‘economic minimum’ to every individual. It undertakes to provide reward for work, adequate leisure, recreational facilities and care for old and infirm for implementation of social welfare objectives.
Equality: The state favors equitable distribution of economic resources so as to remove unemployment, insecurity and economic inequality.
Social Justice: Social justice signifies ‘from each according to his ability, to each according to his needs?. Socialism provides the workers their rightful share in the profits. It is based on altruistic and moral principles in as much as it gives ample scope to everybody to attain his best self.
Society: Socialism oppose individualism. But individual cannot live without society. The interests of the individual cannot be antithetical to the interests of the society. If needed, the individual must be prepared to sacrifice of his own private interest for the larger interest of the society.
Private Property: Socialism abolishes private property which divides the society and aims at providing material comfort to individuals of private ownership of the means of production. Life is subject to qualitative growth but not a quantitative measurement so socialism believes that private property in any form is a theft.
Means of Production and Distribution: Socialism stands for planning. Under socialism the collective ownership and control of the means of production, distribution, and exchange are effectively regulated by the state. It advocates nationalization of industries that gives benefit to the workers and provides them incentives to work. It also restores order and discipline in the economy and transcends progress.
Co-operation and peaceful change: Socialism pleads for co-operation. Completion results in wasteful expenditure and the deliberate attempt to defraud the workers and injure the consumers. Instead of completion, rich and poor alike should co-operate each other for the wellbeing of the society. Socialism makes the way open for decentralization and delegation of authority for smooth administration and development. Hence, any social change that becomes a reality must be gradual and peaceful in nature.
Merits
Socialism is an antithesis of individualism. It is against individual or class selfishness and places the society above individual.
Socialistic method of production and distribution aim at the maximum good of the community with minimum profit or no profit at all.
Socialism is based on the principle of equality and social justice. It believes in the principle that all men are created equal. Hence equitable distribution of wealth is necessary to bring social justice in the society.
Socialism avoids labor troubles like strikes, lockouts by giving workers their rightful share in the profits.
Socialism opposes the competitive methods of production and insists on co-operation. The state should properly plan its economic resources and execute the plans in such a manner that there will be best possible utilization of whatever little is there.
Socialism is based on altruistic and moral principles that give ample scope to everybody to attain his best self.
It abolishes the tyranny of private property, which divides the society and thereby aims at bringing about social unity and social consciousness.
Demerits
Socialism may develop a stepping stone to totalitarianism by putting excessive power in the hands of the government.
As the means of production are increasingly being taken over by the state, the incentive to produce more and more is gradually decreased.
As the state undertakes to do what private enterprise generally does, a wide scope is created for red tape, bribery and corruption in the large-scale bureaucratic control.
As individualism is discouraged and individual freedom is curtailed, there is the possibility of degeneration of the individual’s character.
Under socialism, the consumer’s sovereignty disappears. The consumer will have to adjust his needs to production in the absence of any alternative choice.
In the absence of competition the quality of goods produced will go down.
Socialism neglects ethical values in human life at the cost materialistic and utilitarian considerations.
