Stance of socialists on free market economy

Socialism is a political and economic theory  of social organization which advocates that the means of production, distribution and exchange should be owned by the community as a whole.

The socialism has been derived from Latin word socialis, Which refer to social ownership. They refused private property. Socialists think that individual is not able to do something in a better so government should come forward to make economic policies. They stresses that govt should take the economic authority into its own hands. They back govt to regulate the economy. In this philosophy of market economy of socialism, the free market cannot be established as they support governmental control in the market.

Sociologists are of the view that the government should have control on throughout economy of the state. They discourage private economy and enhance that no one should be claimant of his own property as his property is the property of the state.

 According to sociologists there would remain no poor if govt have control on market economy as they will distribute the income among all members of the society.

They think that in this way, to follow the principle of socialism,equality would come and there will be no difference in people. They added that class system would be automatically come to an end.

Sociologists argue that, the poverty take birth by the virtue of rich people who brutally exploit the poor class. They say that rich people will never support such policies which could spur danger to their market hegemony. Therefore rich class always wants to be dominant on the societies.

According to them to eliminate the differences among the societies has one solution, which is to to distribute the earned income of market economy in all the people equally.

If the point of view would analyzed and compare to the Philosophy of Liberalism, it  is quite different. As Liberalism is more appreciable to implement in societies.

Liberalism has very clear cut opinion about free market economy while Keeping in view the welfare of a society. Liberals say  that ,Private economy is the basic right of one. The people of a society should be granted free market with free competition and freedom of contract should be given. In this way a man will try to bring the best results. They permit the govt to specific limit in order to not interfere in basic right of freedom of people. Liberals give more importance to the welfare of society and stresses on, to create equal opportunities instead of equal division of wealth as Liberals want freedom with responsibility and welfare of their society.

In sum, the stance of Socialism is that they want govt interference and fully backs its control on the market because they stresses on equal division of wealth, not equal opportunities.

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