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Has the concept of socialism became irrelevant in the era of liberalization?  


Posts: 2
(@manju)
New Member
Joined: 2 months ago

Socialism: Socialism is a populist economic and political system based on public owner ship of the means of production. According to Gandhi Ji it refers to concept of equitable distribution of good and services so as to fill the gap between the haves and have not. The main aim is social equality to serve the society as a whole and mainly control by the government.

Liberalization : It is the process or mean of the elimination of the control of the government over economic activities. It provides greater autonomy to the business enterprises in decision making  and eliminates government interference for economic development.

    Thus the concept of the socialism is quite different from the liberalization but can complement each other via some government policies like minimum wages, reservation in govt. Jobs, imposing high taxes on business entrepreneurs etc. which can reduce the gap between the rich and the poor and achieve the goal of social equality.

So socialism is not completely irrelevant in the era of liberalization.

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Posts: 3
(@vipul-singh)
New Member
Joined: 4 months ago

Socialism:a political and economic theory of social organization which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole and we say in short all the the thing is under control in possession of government.Some countries like China , cuba, vietnam is some examples of socialist as well as communist .

Liberalisation: when central government is liberalising some policies where less restriction is impush over the private activities(economic activities in the market) when the gate of treat is open for the outer one their is less restrictions over the trade and less duties over the trade that is liberlisation and infact our currentely government works on it and peromoting this liberlisation.

some advantages and disadvanteges of liberlisation are as follows:

Advantages---

1.Di-licencing of industries
2.Increase in foreign direct investment
3.liberalization of foreign technology
4.Industrial location
5.Faster growth and poverty reduction
6.Increase in employment

Disadvantages---

1.Increase Dependence
2.Loss in domestic unit
3.Unbalanced economy

Thus the concept of the socialism is quite different from the liberalization but can complement each other via some government policies like minimum wages, reservation in govt. Jobs, imposing high taxes on business entrepreneurs etc. which can reduce the gap between the rich and the poor and achieve the goal of social equality.

So socialism is not completely irrelevant in the era of liberalization.

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