s with no Government influence. In 1917 the first major Socialist revolution occurred, this was in Russia and led to the birth of the Soviet Union. Since then Socialism has spread to other countries, such as China and Cuba and in 1988 included about one third of the worlds population. However the Soviet Union has collapsed and split into independent states, which are all trying to move to a more Capitalist society, but other countries are still Socialist. Advantages of Socialism Theoretically wealth is distributed equally in a Socialist society and jobs are provided for everyone, even though some are not productive. This provides personal security. Also because the economy is planned the amount of goods and services which are needed are forecast in advance, this should meet necessary demand. Disadvantages of Socialism Socialism is a very idealistic theory and, as proved in many examples, such as the Soviet Union, doesn't always follow all the rules of pure Socialism and therefore creates many disadvantages. For a start wealth isn't always distributed equally, the rulers of the state will live in luxury while others will not. The economy will also suffer from excessive amounts of bureaucracy and will be slow and cumbersome. Also there will be a lack of innovation, and goods will be of a poor standard because effort will not be rewarded. A doctor could earn the same as a street cleaner, this wouldn't make seven years at medical school a very appealing option Socialism oppresses many aspects of human nature which, however good or bad, make us the individuals that we are, these aspects could include; ambition, greed and generosity. A Mixed System For Society For both Capitalism and Socialism the disadvantages far outweigh the advantages but they are the basis of most economic systems in the world. In the United Kingdom both theories have been used, Capitalism was about at the time of the Industrial Revolution as explained earlier, and aspec...
