Socialist countries show a slow economic growth rate not only for the wrong people who control the planning of the country but also for lack of inspiration for productive people. The employees are receiving equal income irrespective of their work experience and ability. The disadvantages of socialism is as follows:
“Knowledge problem” is another factor to which hamper the socialist economy. As most of the companies are owned by the government they suppose to know how to make a product from scratch. Although, lack of knowledge and division of labour makes it difficult to use the people expertise to produce industrial goods and so on. And the goods are not produced according to market demand but the government instructions.
Spreading “equality” is the key factor of socialism. People are working on the same field and get the same salaries irrespective of their ability. Which makes the employment difficult fro the novice young generation. Because employers are likely to prefer the expert people as both newcomer and experienced workers take the same wage.
Human beings plan their way of living life. In socialism, the government plan everything for society and impose plans on the countrymen. These sometimes lead dissatisfaction among the people.
Like socialism Fascism attack on the principles of liberation and capitalism. “The word brings to mind the horrors of Nazi Germany, Japanese imperialism during the first half of the twentieth century, and Hitler’s ally, the Italian dictator Mussolini.”
The main purpose of social welfare is often forgotten in socialist countries. The main reason for this is the bureaucratic problem. People join the programmes not really to ‘help’ but to be as a bureaucrat. Government subsidies to the poor ultimately discourage the people to get a job.
The Socialist healthcare system is a true nightmare for the patients as they are often ignored by the medical staffs. “Free” health care system is a kind of “deception” in this case. Hospitals have insufficient doctors and medical equipment.
Despite the “broad planning” socialist system pollutants from factories are let off because of corruption in the management. For example, Hundreds of socialist factories in Russia dumped untreated waste and sewage into the Volga River for this reason thousands of fish has been killed.
In private school, they also improve themselves to get more student. Whereas in the socialist government there is a monopoly in the education system means if the school are not good enough for your children you cannot really replace them.