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Economics

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Pregunta:

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.

Autor: Vimala Balu



Respuesta:

Indicate the demerits of socialism?


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Respuesta alternativas:

Spends all its income on consumption from the firm
Define household