Is There a Future for Socialism - Case Study Example

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The researcher of this paper claims that socialism can be described as an economic system whereby the means of producing commodities and service within an economy are owned by the entire community (Howard, 2000). The system is mainly characterized by social ownership…
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Is There a Future for Socialism
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Download file to see previous pages The differences in the existing forms of socialism around the globe arise from the types of social ownership that they advocate and their degree of relying on issues like planning and markets (Howard, 2000). They may also differ in terms of how various managements are organized within their organizations and their government’s role in the construction of socialism (Kumar, 2009). This paper examines the different types of socialism that exist around the globe and the possibility of there being a future for socialism as a whole in the world.
The future for socialism is still bright even after most of the founding socialist systems that were located in the Soviet Union and the states in the Eastern Bloc collapsed. There are still other countries like China and Vietnam that continue with the system and its ideals (Levine, 2003). The socialist ideals have also spread to other parts located around the globe through their influence has been diminishing over time (Howard, 2000). Within a socialist economic system, the production of goods is only carried out for the purpose of satisfying their people’s wants and not for sale in order to attain profits (Yunker, 2004). The accounting systems within these socialist systems base their standards on physical magnitude instead of financial calculations (Kumar, 2009). Socialism is a system that may also involve many political philosophies for it to be implemented successfully (Howard, 2000). Its proponents suggest that the production means within a country should be nationalized and distribution or exchange utilized as the major strategies for implementing the system (Kumar, 2009). There are two types of socialist movements, which are the libertarian and democratic forms of socialism. The libertarian form of socialism advocates for the direct control of workers in their country’s production means as opposed to using state powers for the purpose of achieving such arrangements. This system opposes any form of state or parliamentary controls on various production means. ...Download file to see next pagesRead More
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