Discuss the strengths and weaknesses of the economic system of socialism.
What will be an ideal response?
Ans: Successful in eliminating extreme poverty and providing their populations with housing, universal education, health care, and basic social services. Inefficiency and waste in enterprises rewarded for raw material consumed rather than output produced. Human productivity partially utilized when work sites had to fill a required number of positions but did not have meaningful work for all who occupied them. Promotions were as likely to be based on political reliability, connections, and Communist Party membership as on merit. Lacking competitive labor market, workers may not have felt compelled to work particularly hard; bulk of the labor market was poorly paid; many workers sought supplementary pay in the informal economy.
KEY: Learning Objective: 15.3: Compare the economic characteristics of capitalism and communism.
REF: Cognitive Domain: Analysis
Answer Location: A Case of Socialism in Practice: A Critical Perspective
Difficulty Level: Hard
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