Socialism refers to a certain sense of ownership of the services or goods like health care education and housing. Socialism is that state or the range of social or economic behavior that embraced with democratic controls and ownership of the particular factors of production as well as theories, political ideologies and movements that create their establishment. Social ownership may also refer to cooperative ownership, public property and the people’s ownership of shares; individuals may, however, the own combination of some of these factors. Although various scholars have put up different forms of socialism, none of the definitions paused combine both of them. Ownership is always taken to be a form of sharing in both the stated forms.

Disadvantages of socialism

Through socialism, many rewards are reaped when it comes to production but only a small fraction benefits that is one of the disadvantages of socialism, the article talks about Ford Motors Company limited that manufactured motor vehicles. The writer points out that it is through socialism that the company has made tremendous profits. The author uses an example to illustrate his point of view; he says that suppose Ford was located in the Saharan desert it could not make many profits as it has made so far, this is because Sahara desert does not have those characteristics that can warrant success. Mr. Ford is, therefore, indebted to the community for his success since they are the key contributors towards these achievements…

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