Question

What suggestions do socialism present for the establishment of economic uniformity? Explain any two.

Answer 1

The suggestions on socialism for the establishment of economic uniformity  are based on  the labor theory of value to socialism.  Where the  price of a good or service is adjusted according to the equal the amount of labor time that is spent for  its production. There is the second school of thought on the promotion of the general welfare in the economy that incorporate socialism with capitalism and communism,

Explanation:

• Socialism is philosophy that entails political, social and economic concepts with a range of economic and social systems.
• These are  characterized by social ownership related to the means of production and the management of the  workers in the enterprises.
• Socialist economics has been associated with different principles of economic thought. The Marxian economics provided a foundation for socialism based on analysis of capitalism and the neoclassical economics  provided comprehensive models of socialism.

To know more about socialism

Define social structure and distinguish between social structure and social  organisations.

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