Why might a country prefer a socialistic economy?

Answer 1

With exercise of prudence and sound judgment, a socialist economy works better than an unregulated free economy. Examples of unregulated free economies are the economies in third world countries where government systems are weak, and local fiefdoms or "protection societies i.e. mafia" are created to maintain order. There, the only protection the individual has is the benevolence of the local chief. Caveat Emptor, let the buyer beware is the rule of the land.

Lest any American forgets, our allies and trading partners are all quasi-socialist economies. While they may tout themselves as capitalist economies, those countries' businesses operate under laws and regulations enacted by governing bodies, their currencies are under the absolute control of a sovereign body and the governments establish economic relationships with countries and oftentimes establish trade regulations together.

Perhaps the question should be rephrased to say, 'why might a country prefer a free economy, i.e. an economy which is unregulated and with no oversight by any government or trade entities.

While talking heads of the entertainment media may spout the glories of free economies, they will be the first to advocate government intervention for wrong-doing by entrepreneurs. Under a free economy, cheating is not wrong as it is the buyer who must beware, not the cheat.

Those interested in improving our economy should be open-minded and study the political and economic systems of countries around the globe, particularly our trading partners. We should also scrutinize our economic systems and be willing to shed the prejudices and fears planted during the cold war era of the 1950's by paranoid politicians. Soundbites are great for commercials, but we must remember that sound economy need more than soundbites, we need sound judgment in the determination of our economic future.

By the way, those who believe that the United States government should not be dictating ceilings for renumeration of executives or be investigating the payment of bonuses to executives, and are now screaming that the United States is on a slippery slope to a socialist economy, they should remember that there are strict laws imposed on everyone who receive government funds. If there are limits imposed on those who receive social welfare such as Aid to Families with Dependent Children, or Medicaid & Medicare, or even Unemployment Compensation Benefits, shouldn't there be limits imposed by the government on those who stand in line begging for corporate welfare?

Corporate leaders should remember that when they come begging for bailout funds, they are no better than the down and out welfare receipients. They, like the social welfare receipients, should be subjected to scruntiny of the expenditure of funds received. It was not government which requested the socialist economy, it was the corporate heads who came begging for the socialist economy.

Answer 2

A country might prefer a socialistic economy to promote income equality, provide social welfare programs for citizens, and regulate key industries to prevent exploitation. This approach can also help address poverty, provide accessible healthcare and education, and ensure a more even distribution of resources among the population.

Answer 3

Socialism (a classless stateless moneyless society) has no economy. It will have to operate at a global level. And it will be people (the world’s working class) who decide to establish it.