Socialism Test

Collective Ownership: Collective ownership of the means of production is the core tenet that unites all forms of socialism. Many socialists see the capitalist free enterprise system as fundamentally exploitative, unequal, and destructive. They look to counter these effects by letting the people own the means of production in unison with the aim of diminishing inequality and the need for competition between people.

Equity/Social Justice: Social justice refers to the view that all members of society should have equal access to political, social, and economic opportunities, regardless of their gender, race, age, class, and able-bodiedness. Equity may be perceived as the political prioritization of opening doors to those who are underprivileged.

Planned Economy: In a planned economy, production and services (and sometimes also prices), are determined by public councils instead of leaving these factors up to the market. According to socialists, the planning imposed by a central body (or bodies) will often be superior to, and more efficient than, leaving these things up to market forces.

Socialized Profits: A widespread guideline among socialists is the idea that profits from economic production should be distributed among all members of society equally. In this way, the people who are successful do not merely work for themselves, but for all members of their community as well.

Needs-Oriented Production: Many socialists believe that production should be guided by equality and the needs of the many. Hence, the manufacture of goods in a socialist economy should be regulated to ensure that basic needs are met first. This prevents purchasing imbalances such as the rich splurging on expensive articles of consumption in economies where the poor cannot afford three meals a day.

Welfare Programs: Socialists generally favor wide and extensive public welfare programs to provide food, housing, education, and a basic income to the populace. This can allow people to dedicate themselves to human flourishing without the stress associated with having to care for one’s basic needs.