Socialism and Communism

Scott Terrell, Aaron Baber, and Alexis Holcomb

Socialism is a governmental system where some of the means of production are controlled by the state and where the state provides key human welfare services like health care and old-age assistants; Allows for free markets in other activities.

Advantages: government help, stable social environment, infrastructure is better funded, equality.

Disadvantages: high taxes, misuse of power, governmental discrimination, discourages achievements and hard work, equal distribution causes disadvantaged healthcare.

Communism is a belief that the state owns property in common for all people and a single political party that represents the working classes controls the governments.

Advantages: promotes universal education and social welfare, supports the emancipation of women and the ending of their exploitation, equality, instability of the economy is rare.

Disadvantages: discourages improvements since there is no competition, all businesses are ultimately owned by the government which sets strict rules, it is difficult to set supply and demand, it is easy for the system to fall under a tyrannical dictatorship.

Countries ruled by Socialism include Modern-Day China, Denmark, Finland, Ireland, and Canada.

Countries ruled by Communism include North Korea, Laos, Vietnam, and Cuba.