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Socialism High Point University ECO 207 Tony Benjamin Socialism Socialist government is not state government. It would not rule over people and places, but would empower the people to rule over things. Socialism means a government in which the people collectively own and democratically operate the industries and social services through an economic democracy (SLP 2006). Under socialism, it is his/her fellow citizens and co-workers who create the policies and conditions for its community and working environment. It is they who establish local criteria through local independent boards, commissions and councils, acting in a democratic fashion. It is the people who have the authority, the ownership and control of the…show more content…
Low labor costs, a publicly funded health care system and a highly educated population would attract many foreign businesses to build their product in a socialist economy. Most cases foreign business can produce and ship their product cheaper on foreign soil than at home. In a socialist economy the government provides a publicly funded health care system and education for the people. The government takes care of the people. In most cases the funds would come from taxes. People that are working would find themselves paying a higher wages in taxes. This would enable a mother who had a baby to stay out of work for nine months to bond with her newborn. She may be taxed for 50% of her wages during this time. Education is very important in socialism as well. In a capitalist economy you may be granted an education up to the 12th grade. If you would like to attend college, you would need to earn a scholarship or pay your way with your own money. In a socialist economy education will be provided for you. By taxing residents in advance and then giving away education at no additional charge, government is able to claim a virtual monopoly on K-12 education in almost every school district. The government owns the land and the buildings. With very few exceptions, government operates the facilities and employs all of the teachers. Their job status depends on the amount of education they are able to obtain. During all

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