Misconceptions Of Socialism In The World Today

By definition, Socialism is, a set of ideas that favor the public ownership of production and resources, eliminating some or most of private enterprises (Johnson). There are several layers to socialism, and they all require varying levels of government involvement and overall prioritization of personal liberties. Such liberties relate to private ownership of property and private means of production, and socialists often argue over how much of this is acceptable. A completely pure Socialist style economy would be one where all production and goods is owned by the state. Just like there is no purely Socialist state in the world today, there is also no pure Capitalist state. The United States and other modern economies like Britain and France use elements of socialism in their free-market economies in their mixed economies. Socialism plays a much larger role in American’s lives than a person would think. A common misconception is that Socialism was invented by Karl Marx, but this is false. Karl Marx did invent communism. He …show more content…
There are additional benefits, which include nationalization of key industries, high minimum wages, employment protection and trade union recognition rights. Countries with Socialist economies include Poland, Romania, Hungary, Yugoslavia, Canada, France, and Czechoslovakia. In Socialism, the government or a collective generally makes the political decisions. Pure socialism has never been achieved, and has often resulted in totalitarian governments and extreme command-style economies. There is an extensive history behind socialism, one that few Americans fully understand. The ideas behind Socialism are a lot less sinister than society would have you believe. While that is so, pure Socialism can never be achieved, just like how pure Capitalism can never be achieved in the same