Question

Write a few sentences in which you summarize the basic concepts of socialism. Then, write whether you think a socialist system can succeed in today’s world.

Answer 1

- The people control the land, labor, and capital.

- There is equity among the classes

- Socialism is in opposition to capitalism.

- Democracy and capitalism favor the free market.

Answer 2

The basic concepts of socialism are as follows; the main idea is that people should live in an egalitarian society where everybody would contribute as much as he can and take as much as he needs, this would give us a society where everybody would be equally well off and nobody would have less. Everything would also be state owned - this has been a solution that happened in the past.

In my opinion, pure socialism cannot succeed but perhaps using some things from it could be very beneficial.