Socialism in Tanzania
- Submitted by: MayengaKamba
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- Category: Politics: Economics
- Date Submitted: 11/20/2011 01:37 PM
- Pages: 20
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MERITS AND DEMERITS OF SOCIALISM
AND HOW SOCIALISM HINDERED DEVELOPMENT OF TANZANIA ESPECIALLY IN THE EARLY YEARS OF INDEPENDENCE
Concise Oxford Dictionary defines Socialism as “a political and economic theory of social organization which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole (in Marxist theory) a transitional social state between the overthrow of capitalism and the realization of Communism”. While the definition of socialism emphasizes that the means of production should be owned communally. Capitalism is defined as “an economic and political system in which a country’s trade and industry are controlled by private owners for profit rather than by the state”.
MERITS OF SOCIALISM
Merits of Socialism are as follows,
• Socialism tries to make each man equal by equalizing the rich and the poor, so as to provide everyone with enough to survive. Socialism works to evict poverty.
• Socialism provides all citizens with their survival needs, creating a stable social environment. Members that cannot participate economically - due to mental disabilities, age, or poor health - are still cared for.
• Generally the Market is determined by Demand and Supply and here as the Government decides the production allocation of resources it is having minimum role to play.
• The main feature of Socialism is central planning which decides the basic problems like
a) what to produce?
b) How to produce?
c) For whom to produce? (Answers.com)
It is also argued that Socialism has greater economic efficiency, because the means of production are controlled and regulated by the central planning authority towards chosen ends. Economic efficiency is attained by utilising resources in producing socially useful goods and services which satisfy the basic wants of the people. It gives greater welfare due to less inequality of income. Monopolistic...
AND HOW SOCIALISM HINDERED DEVELOPMENT OF TANZANIA ESPECIALLY IN THE EARLY YEARS OF INDEPENDENCE
Concise Oxford Dictionary defines Socialism as “a political and economic theory of social organization which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole (in Marxist theory) a transitional social state between the overthrow of capitalism and the realization of Communism”. While the definition of socialism emphasizes that the means of production should be owned communally. Capitalism is defined as “an economic and political system in which a country’s trade and industry are controlled by private owners for profit rather than by the state”.
MERITS OF SOCIALISM
Merits of Socialism are as follows,
• Socialism tries to make each man equal by equalizing the rich and the poor, so as to provide everyone with enough to survive. Socialism works to evict poverty.
• Socialism provides all citizens with their survival needs, creating a stable social environment. Members that cannot participate economically - due to mental disabilities, age, or poor health - are still cared for.
• Generally the Market is determined by Demand and Supply and here as the Government decides the production allocation of resources it is having minimum role to play.
• The main feature of Socialism is central planning which decides the basic problems like
a) what to produce?
b) How to produce?
c) For whom to produce? (Answers.com)
It is also argued that Socialism has greater economic efficiency, because the means of production are controlled and regulated by the central planning authority towards chosen ends. Economic efficiency is attained by utilising resources in producing socially useful goods and services which satisfy the basic wants of the people. It gives greater welfare due to less inequality of income. Monopolistic...