COMMERCE 1B03 Chapter 2: Chapter 2: pg 3
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●Socialism an economic system based on the premise that some, if not most, basic businesses
should be owned by the government so that profits can be evenly distributed among the people.
●They believe the government should be the agency that carries out the distribution and be much
more involved in protecting the environment and providing for the poor.
●There’s supposed to be social equality.
●Gov. taxes the wealthier, and
redistributes to poorer people through
●Workers get longer vacations, more
●Takes away business peoples incentives
to work hard, as their profits are heavily
●Doctors, lawyers, and other tend to leave
to capitalist countries due to lower taxes
●Brain Drain: Loss of educated people to
●Workers may not work as hard if they all
get the same benefits regardless.
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