Disadvantages of Socialism

With the United States of America Taking Bigger and Bigger Steps toward Socialism every day, it is a good time to talk about the disadvantages of socialism. 

Socialism is an economic theory that calls for state or public ownership and control of a country or society with the expressed intention of achieving equality for all citizens and making sure that all needs are met.

As we know that socialism began in the late nineteenth century (19^th century) when the fledgling political groups saw the negative effects that industrialization was having on their societies. The early socialists believed that industrialization when combined with capitalism unfairly concentrated wealth in the hands of few, who were then to oppress their workers with low wages, long hours and poor working conditions. Still, socialist and communist economic systems did not truly flourish until World War 2, when most of the Europe was in utter disarray. There are many peoples in America today that believe that establishing a socialist economic system in the US would be a panacea for our current economic woes but at the same time they are not aware of the disadvantages of socialism.

To begin with, we can know that socialism is based on the idea that more government regulation is necessary, and government regulation and intervention has always lead to less energetic, ambitious and imaginative citizens. Government intervention may also lead to a mass exodus or "brain drain" of the country's best and brightest individuals, individuals who do not want to have to worry about the government constantly looking over their shoulders and getting involved in their work. There fore it is not surprise that socialist countries, where workers are not rewarded for their hard work or innovative thinking, are known for peoples who simply show up to their jobs and do adequate work.