Social is the Best Economic System for Handing an Epic Crisis
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Which economic system is best suited for handling a crisis of epic proportions (hurricane, flood, blizzard, forest fire, etc.)? Why?
The best economic system that is suitable in case of crisis of epic proportions is socialism. According to G.D.H. Cole “Socialism discloses about four things that are connected closely, first a human fellowship which actually denies and expels the distinction of class, social system where no one will be very rich or very poor than their neighbors as to be unable in mixing with them on equal basis, common ownership and making use of all essential instruments of production and obligation on all the citizens to serve each other according to their capacity, capability in promoting the common well-being” (Raul, n.d.).
During hurricane, flood, forest fire and so on, besides help being extended by the government, people should help each other. This is possible only if the economic system is socialist. From the above description it is clear that, only in case of socialist economic system equality will be emphasized and more emphasis will be given for the social welfare (Raul, n.d.). This equality in the classes will bring more closeness between the societies and will enable all people to contribute their best for helping each other during the time of crisis. In this case, entire co-operation from all people are required for overcoming the crisis and stabilizing the economy.
By implementing socialism all people will help each other in their best