Is It Time To Consider Socialism?
Capitalism has caused enormous harm to both Earth’s citizens and it’s environments — with detrimental results including global warming and income inequality. Some argue that capitalism needs to be replaced by a democratic version of socialism, and believe democratic socialism will be the cure to the consequences of capitalism.
Indeed, there are many disadvantages that come with capitalism, many of which stem from the market economic system. For example, the exploitation of resources is a result of low government intervention that comes with the free market. Additionally, the poor are often ignored due to sellers only responding to demand coming from people who can afford their goods or services. Moreover, aging infrastructures cannot be repaired by private companies since the companies do not obtain benefits from repairing or making public goods.
However, hastily switching to socialism can bring catastrophic consequences.
Firstly, assets are owned socially under socialism. However, not every individual is able to make correct financial decisions. If workers own companies, it is very time-consuming to make a final decision because some workers may just insist on the wrong option. Secondly, socialism relies on human morals and ethics, which often fall short in today’s society. If all individuals can obtain a large amount of social welfare, taxation needs to be progressive as well . However, the companies of today use as many methods as they can to avoid paying taxes, which leads to decreases in the government budget. If the government does not have enough money to provide social welfare, the standard of living cannot improve.
Overall, switching to socialism seems to be an irrational option at this point. A more feasible option that ensures sustainable growth is to invest in our future. For example, the government should strive to make sure more citizens have access to education. This way, more individuals are responsible for their own financial life, meaning that fewer people depend on government assistance. Meantime, the government can use saved money to repair infrastructure, improve health care and to develop environmentally-friendly energy.