Economics

12 Pages 3020 Words

s with no Government influence. In 1917 the first major Socialist revolution occurred, this was in Russia and led to the birth of the Soviet Union. Since then Socialism has spread to other countries, such as China and Cuba and in 1988 included about one third of the worlds population. However the Soviet Union has collapsed and split into independent states, which are all trying to move to a more Capitalist society, but other countries are still Socialist. Advantages of Socialism Theoretically wealth is distributed equally in a Socialist society and jobs are provided for everyone, even though some are not productive. This provides personal security. Also because the economy is planned the amount of goods and services which are needed are forecast in advance, this should meet necessary demand. Disadvantages of Socialism Socialism is a very idealistic theory and, as proved in many examples, such as the Soviet Union, doesn't always follow all the rules of pure Socialism and therefore creates many disadvantages. For a start wealth isn't always dis...