Question

A, B, and C. Karl Marx, and other socialists (past and present) have stated what they believe are the good intentions behind their advocacy of socialism. Separately answering as parts A, B and C, identify and explain three different possibly good intentions that motivate socialist economic thought.

Each of your three answers must include (i) the good intention, (ii) the reason why they believed there is gain and (iii) the cause of this gain specifically through socialism.

Answer 1

A) The good intention is to control inflation and provide price control. The gain from this is that the consumers will get goods and services at lower rate and help them maintain reasonable cost of living. The cause of this gain is only through socialism as the government can fix prices of essential goods upto a particular level and not allow suppliers to charge more than that.

B) The good intention is providing minimum wages to the employees. The gain from this intention will be a greater equity of distribution of income between rich and poor and reduction in poverty. The cause of this gain is through socialism where the government can make a policy where employees are made to pay wages atleast upto the minimum level.

C) The good intention is reduction of inequalities in the society. This intention is beneficial for the poor as it will lead to equal allocation of resources in the society and help the poor to lead a better life. Poverty will be reduced. This cause of this gain is by providing subsidized goods, taxing rich more than poor and this can be done through socialism.