The initial condition of an economy before its transition is empirically shown to be in direct...

The initial condition of an economy before its transition is empirically shown to be in direct relationship with a country’s development. Based on what you have read about the Soviet Union’s structure in previous chapter, assess some of the long-term impacts that socialism may have on its transition.

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socialism is a populist econmic and a known political kind of system which is based on the ownership of public .It is also knwon as the collective ownership .The main aim of such a system is to satisfy human needs .In a purely socialist system , the government , individual , takes all the legal decision related to production and distribution from food to the healthcare The government body determines the pri9cing level of good and service and its to9tal output .This system create mor equitable society .Altough it is a post scarcity or utopian system because of the poor track records and challenges practically.The socialist perceive the production as a use instead of profit.or we can say that an equitable distribution of material resource and wealth among all knids of individuals is there while in case of capitalism we can see that it exploit the worker for the wealth .The socialist system was developed in resistance ot the librals and capitalism when the europeans , experienced a unequality in the wealth of people some get vcery rich while other get very poor creating inequality .After the failure of the socialist central planning in the soviet union and the china , most of the socialist created a redristributive system and it is high regualtory whichleads to a market socialism and democratic socialism .Therefore in long term the socalist system provide a good well being of the transition and the economic wellbening

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Rahul Sunny answered 7 months ago

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