Socialism as an ideology has a long history. The first mentions originate from the works of ancient Greek philosopher Plato. Then it will be recalled about the famous writings of the early Communist utopian Thomas More (1478-1535) and Tommaso Campanella. Marxism-Leninism is more late and the well-known ideology. One of the latest theories is the "Socialism of the XXI century", was introduced by Heinz Dieterich. All existing socialist doctrines have significant differences, but also the general principles such as social justice, freedom and equality.
"Pure" form of the Socialist Economy does not exist at the moment, because it is absolutely not viable in practice. An example is the Soviet Union, which tried to embody this ideology to the full. Marxist principles of a socialist economy are good only in the theory. In practice, all this leads to destruction of the entire economic system.
Let’s mark the pros and cons of the socialist system. One of the advantages is the principle of Justice, on the basis of which a national wealth is evenly distributed and equal opportunities are given for everyone, without exception. This reduces the social, political and economic inequality, as well as reduced poverty and improved living standards. The important point is the principle of Unity, the essence of which is that people working for a common cause and proceeds are distributed evenly at all. Also a plus is the improvement of human potential, since best living conditions and more opportunities for receiving of public services is provided for everyone.
However, socialism has a large number of different forms. Some of them have the right to life. An example is China, which has used the principles of the socialist market economy (Shobhit). It is a form of the socialist system, which is adapted to life. Its essence lies in the coexistence of large state-owned industrial facilities and private enterprises in market conditions and in conditions of free pricing. China owes its success to repeal of the former socialist regime with its rigid central control and pricing.
The implementation of certain principles of socialism has been successfully used in practice. For example, "The Swedish model of socialism" or so-called functional socialism. Its essence is based on non-interference of the state in a market economy, however, it is practiced to use of the income redistribution through the tax system and special funds to suppress the reduction of unemployment and a strong social inequality (Olsson).
Considering these examples, we can conclude that the use of elements of the socialist economics, adapted to the reality, gives positive results and has been used successfully in many countries.
Works Cited
Duncan, Hallas. “Socialist Economics.” International Socialism, Oct. - Dec.1972: 40-41. Print.
Olsson, Per “Is Sweden Socialist?” Socialist world, 26 Oct. 2009. Web. 21 Apr. 2016. http://www.socialistworld.net/doc/3752
Shobhit, Seth “Socialist Economies: How China, Cuba And North Korea Work.” Investopedia, 15 Aug. 2014. Web. 21 Apr. 2016. http://www.investopedia.com/articles/investing/081514/socialist-economies-how-china-cuba-and-north-korea-work.asp
