Merits of Socialist Economy

Merits of Socialist Economy:

1. Efficient use of resources:

The resources are employed proficiently to generate socially helpful goods without taking the profit margin into account. Production is raised by avoiding wastes of competition.

2. Economic Stability:

Economy is free from the business fluctuations.

Government plans fine and everything is well synchronized to avoid over-production or unemployment. There is stability since the production and consumption of goods and services are well in harmony.

3. Maximization of Social Welfare:

Each citizen’s work is for the welfare of the State. Everybody accepts his or her remuneration. The State concentrates on the generation of fundamental necessaries rather than luxury goods. The State generates free education, cheap & congenial housing, public health amenities & social security for the people.

4. Absence of Monopoly:

The elements of corporation and domination are removed as there is absence of private ownership. The state is a monopoly however generates quality goods at reasonable cost.

5. Basic needs are met:

In socialist economies, fundamental human requirements such as water, health, education, social security, and so on, are given. Human development is much more in socialist countries.

6. No extreme inequality:

Since social welfare is the eventual goal, there is no concentration of wealth. Tremendous inequality is barred in socialist system.

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