The document outlines socialism as a system of social organization where property is owned collectively by the community or state, with notable proponents like Karl Marx and Lenin. It discusses the goals of socialism, such as maximizing wealth and minimizing suffering, alongside characteristics including state ownership of production and centralized planning. The advantages and disadvantages of socialism are presented, highlighting issues like reduced inequality and economic stability versus the lack of individualism and the challenges of achieving true economic equality.

1. •INTAN IZZANNA BINTI MARSUL
•NUR SHAHEERA BINTI MOHAMED
SALEH
•NUR ‘IZZATI BINTI ABU BAKAR
•NUR AZLIN SURIANI BINTI MAMAT

8. DEFINITION
•A theory or system of social organization based on the
holding of all property in common, with actual
ownership ascribed to the community or state.
•Key proponent- Karl Marx, Fredrich Engels, Vladimir
Lenin, Leon Trotsky.

9. GENERAL GOAL OF SOCIALISM
 To maximize wealth and opportunity
 To minimize human suffering through public control
of industry and social services.
 The means and profits of production are privately
held.

10. CHARACTERISTIC OF SOCIALISM
 In socialism means of production are owned by the
state
 Economic activities are planned by the central
planning authority
 Absence of competition
 Equal opportunites to all
 No economic freedom to the people

11. ADVANTAGES OF SOCIALISM
 Grater welfare- in social economy, there is less inequality
of income as compared to capitalist economy because of
the absence of private ownership of means of production.
In socialist economic system every one works hard and paid
as per his skills and ability
 Absence of business fluctuations- superior to a
capitalist economy that is free from business fluctuation.
 Economic growth-a planned socialist economy functions
right according to the plan in a systematic and orderly
manners and marches rapidly on the road of economic
progress

12. DISADVANTAGES OF SOCIALISM
 Elimination of individualism- lack of economic
freedom, everything is controlled by a centralized body.
Individuals are not allowed to own any assets, everything
belong to state.
 Economic Equality- Socialists claim more equal
distribution of wealth but practically it is proven that
complete economic equality is virtually impossible. Since it
is a planned economy the poor suffer even more.
 An artificial system- since it is a planned economy, every
aspect of the economy is to be determined by the
government. Do not apply the forces of demand and
supply.