What are the disadvantages and advantages of socialism?

Advantages of Socialism

  • In environments with plentiful resources, socialism provides all members with their survival needs, creating a stable social environment.
  • Members that cannot participate economically - due to disabilities, age, or periods of poor health - can still impart wisdom, emotional support and continuity of experience to the system.
  • Freedom from work provides opportunity for some societal members to explore non-economically-productive pursuits, such as pure science, math and non-popular arts.

Disadvantages of Socialism

  • Since there is no culling and no economic advantage to working harder, socialistic systems provide no inherent incentive to participate. This makes socialism internally unstable.
  • Due to a lack of incentives, socialistic systems tend not to be competitive, making them externally unstable.
  • In times of plenty, immigrants are drawn to the free resources offered by socialistic systems, while potentially adding nothing economically productive.
  • In times of scarcity, resentment of non-economically-productive members of society increases, causing a destabilizing effect on the society and economy.