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Socialism

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According to James Henslin, socialism is defined as an economic system with three main components that distinguish it from others systems such as capitalism. One component is the public ownership of the means of production, the second is central planning, and the third is the distribution of goods without a profit motive. (Henslin 386) In contrast to capitalism, with socialism, the public ownership of companies means that there is only one producer of goods and services, and prices are influenced by the cost of production not supply and demand or market competition. The government creates its own monopoly, but instead of controlling just one industry the government controls every industry. The central committee decides what the country will need, and how much they will charge for the products. There is no profit motive, only to produce the goods that will promote the general welfare. According to Henslin, these goods are then distributed according to people's needs rather than their ability to pay. (Henslin 386) In order for a government to do be able to produce goods in an effective manner they must own the land, factories, transportation and all other industries that support production. Such as the oil industry, the energy sector, minerals and forestry. The government also becomes the only employer, and all employees would be government employees. According to Henslin, this includes the central committee members, the factory workers, truck drivers, sales clerks, and even the customers that buy from them. (Henslin 387)
Henslin states that socialism does not operate in a pure form. For instance some people are paid higher as an incentive to take on more responsibility, such as taking a management position in a factory for instance. Even with these slight differences in pay, socialist countries have much greater equality in income amongst its citizens. (Henslin

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