Arguably there are plenty of pros and cons of socialism.
Firstly here are the supposed pros of socialism:
Socialism is much fairer than capitalism, and reduces the social, economic, and political inequalities that exist within capitalist societies. Socialism is intended to promote equal opportunities in societies, which are full of inequalities due to the way capitalism operates.
The efforts to make everybody equal in economic, social, and political terms makes socialism more morally worthwhile than capitalism. Socialism reduces poverty, ill health, and other forms of social deprivation. The intention of socialism is to bring up the living standards of the poorest. to actually raise living standards to similar levels as the better off members of they’re respective societies.
Another pro of socialism is that should allow people to achieve their full potential as they go through a better education system as well as being assisted by extensive public services.
On the other hand the supposed cons of socialism are:
Socialism is unrealistic, not to mention that it is virtually impossible to achieve equality within modern societies. Socialism might redistribute some of the wealth of the richest members of society yet it does not eliminate poverty.
Instead of improving the living standards for all socialism actually lowers the income of the richest to be nearer the income levels of the poorest.
Socialism is actually economically inefficient as it puts off entrepreneurs from generating wealth because they usually have to pay higher taxes. As socialism provides the poorest with higher levels of income via social security payments it deters them from working hard, if at all.
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