Friday, June 17, 2016

150. is wrong! This is what they say the advantages and benefits of Socialism is. • Great efficiency - Economic efficiency under socialism means that production decisions are controlled and regulated by the central planning authority towards a particular goal. • Greater social welfare - In a socialist economy there is less inequality of income because of the absence of private ownership of means of production. • Absence of monopolistic practices • Absence of business fluctuations - A socialist economy coordinates the action of various producing units, prevents discrimination between saving and investment and makes full use of available resources. Discuss.

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