1.

Write the limitations of the socialist system.

Answer»

The socialist system that has noble intentions of social welfare and classless society has the following limitations:

  1. There is no motivation to increase production as there is state ownership of industries.
  2. No need is felt for innovation and quality improvement as there is no competition.
  3. There is total denial of economic freedom to the citizens.
  4. There is fear of bureaucracy due to dictatorial nature of the state.
  5. Every aspect of people’s life is regulated by the state.


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