System of socialism

Socialism: Narrowing the Wealth Gap

Socialism is the most preferable capitalist structure. This democratic system argues for putting main development tools in the hands of the general population. Socialists argued that people’s wages and wealth should be divided evenly in order to narrow the divide between the wealthy and the poor (Collins 12). The scheme also criticizes the role of private ownership, claiming that it is a means from which the wealthiest and rich collect the majority of capital and satisfy their needs (Collins 13). As a result, socialism calls for the socialization of manufacturing processes and the empowerment of the rest of the population. Unlike communism, the main goal of this system is to narrow the existing economic differences between the rich and the poor to increase justice and equity.

The Impact of Socialism on Democracy

In an interview with my grandmother, it was evident that socialism has been the best economic system in the society. According to her, through socialism, the society has been able to increase the level of democracy. One element of the system included having the right to elect a government that represents the people. With encouraged democracy, individuals were able to openly elect people in power to aid in the control and distribution of resources. In addition, the system has encouraged workplace democracy and worker ownership. Unlike the capitalist system in which the bourgeois had control over all decisions at the company, socialism provided workers with certain rights. These may have ranged from labor rights to minimum wages which ensured that workers got paid a salary that could aid in the elevation of poverty. My grandmother believes that the United States system has always embraced this economic system, which has enabled it to achieve some level of democracy.

Work Cited

Collins, Karen M., and Jacqueline Shemko. Exploring Business. Pearson/Prentice Hall, 2008.