MERITS OF SOCIALISM

 Merits of Socialism

1. Equitable distribution of wealth and income and provision of equal opportunities for all help to maintain economic and social justice.

2. Rapid and balanced economic development is possible in a socialist economy as the central planning authority coordinates all resources in an eflcient manner according to set priorities.

3. Socialist economy is a planned economy. Ina socialistic economy, there will be better utilization of resources and it ensures maximum production. Wastes of all kinds are avoided through strict economic planning. Since competition is absent, there is no wastage of resources on advertisement and sales promotion.

4. In a planned economy, unemployment is minimised, business fluctuations are eliminated and stability is brought about and maintained.

5. The absence of profit motive helps the community to develop a co-operative mentality and avoids class war. This, along with equality, ensures welfare of the society.

6. Socialism ensures right to work and minimum standard of living to all people.

7. Under socialism, the labourers and consumers are protected from exploitation by the employers and monopolies respectively.

8. There is provision of comprehensive social security under socialism and this makes citizens feel secure.