Indicate the demerits of socialism?

1.	Indicate the demerits of socialism?
Answer» Demerits of Socialism: 1. Red Tapism and Bureaucracy: As decision are taken by government agencies, approval of many officials and movement of files from one table to other takes time and leads to red tapism. 2. Absence of Incentive: The major limitation of socialism is that this system does not provide any incentive for efficiency. Therefore, productivity also suffers. 3. Limited Freedom of Choice: Consumers do not enjoy freedom of choice over the consumption of goods and services. 4. Concentration of Power: The State takes all major decisions. The private takes no initiative in making economic decisions. Hence, the State is more powerful and misuse of power can also take place.

Answer»

Demerits of Socialism:

1. Red Tapism and Bureaucracy: As decision are taken by government agencies, approval of many officials and movement of files from one table to other takes time and leads to red tapism.

2. Absence of Incentive: The major limitation of socialism is that this system does not provide any incentive for efficiency. Therefore, productivity also suffers.

3. Limited Freedom of Choice: Consumers do not enjoy freedom of choice over the consumption of goods and services.

4. Concentration of Power: The State takes all major decisions. The private takes no initiative in making economic decisions. Hence, the State is more powerful and misuse of power can also take place.

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