Socialism

Good day steemalive,

Introduction

Am back on my posting track, sometimes I get discouraged sha but the truth is am responsible for what is happening to me now 😩, so I just have to cope with it till this phase ends, but this won't kill my many purpose of coming to this platform, which is sharing and learning, as I said before in my last economic post capitalism that I will be taking his direct opposite socialism, here it goes 😁,

Body of content

Socialism is a direct contrast with that of capitalism, in this economy government controls much of the system meaning they set rules on how it should be run other than the capitalist economy which is been (price) controlled by demand and supply. Socialist economy is one we benefit more as consumers, before I write more let's take the definition,

Socialist economy is an economy where organization are been owned and controlled by the government, every activity practiced by the organization is for the sole purpose of providing goods for consumption for the consumer without the aim of making profit.

source

Socialist economy is one that, the price of goods is been controlled by the government and this organization are called public organizations, because their activities is for the favour of the public and not making profit. If you come to think of it, in Nigeria you can see this played out in schools, fuel station and many, where the price of going or buying is at minimum, that simply because it's owned by the government and salaries are gotten from the taxes of the people not the revenue of the business, by the way nigeria practice a mixed economy system.

Characteristics of socialist economy

1 Collective ownership of means of production
2 Central planning of the economy
3 Price are relatively low
4 set up by the government.

Source

Roles of a socialist economy

1 To protect consumers from the disadvantage of capitalism
2 To provide essential services for the people

Conclusion

I have finally come to the end of my post, and I want to ask you my readers to comment, follow and upvote as well as share so I can get the reward to get back to club5050, thanks alot of reading, remember to share thoughts also with me.