A Socialist economy, as we all know, is an economy that is under the control of the authorities. Here, the government is responsible for the production and consumption decisions of the citizens. In a socialist economy, a citizen eats and lives according to the rules framed for them by the ruling authorities.
A Stockholm syndrome is a psychological condition wherein a captive decides to act following the captor. Thus, the captor decides for his inmate, and the inmate abides by them. According to psychologists, a captive feels gratitude towards his captor for sparing his life. Hence, he develops a bond with the hijacker or detainer. Therefore, he willingly stays detained and follows prisoner-like rules.
Socialist Economy is creating a Stockholm syndrome?
Some of the highlighted demerits of the socialist economies include public ownership, loss of consumer sovereignty, no freedom of occupation, misallocation of resources. Yet many like to focus just on the merits of a socialist economy, such as income equality, efficiency, absence of monopoly, lack of business cycles, or so on. Nevertheless, the bookish theories of socialism are not the focus of the article.
We serve unlimited knowledge with zero sign-up fees. Please enter your email address to subscribe and receive notifications of new articles by email. Remember, knowledge is the new currency that serves the best return!!!
Let’s focus on the merits
Income equality and efficiency:
A socialist economy takes from the rich and gives it to the poor to maintain or lower the income gap. I have a very young adult, average income question here to ask. Will you work to a full-productive level and willingly share your hard-earned money with others? Or would you rather stay poor because the Government will anyway pay for you and your needs?
It is an excellent way for the tyranny to say, “Come let’s end dictatorship!”. The socialists dictate everything, consumption, production, resource allocation, and everything else. An individual has zero freedom over his own choice and preferences. The controversial merits have raised some concerns. A government form that is controversial and yet not being revolted definitely has psychological effects.
There can only be two possible psychological outcomes. People who dislike the idea and people who like it. The Stockholm syndrome creeps right here. The citizen who is in favor of the ideology – do they seriously appreciate it, or are they just suffering from the syndrome? Let us try to break it down. The Stockholm syndrome forces the captive to bond with the captivator and tricks the brain to feel gratified.
Let us try to break it down. The Stockholm syndrome forces the captive to bond with the captivator and tricks the brain to feel gratified. They feel obliged for food, for their life, education, health, and so on. The problem is they have never experienced any other Governmental form. Hence, they have nothing to compare their current situation. They feel grateful for their life, and whatever their living condition is. A citizen can have an opinion in favor or against a situation, only if they have tasted both the flavors.
The ICRC defines economic security as the ability of individuals, households, or communities to cover their essential needs sustainably and with dignity. This can vary according to an individual’s physical needs, the environment, and prevailing cultural standards. Food, shelter, clothing, and hygiene qualify as essential needs. The current scenario would also declare educational and health care facilities as essential needs.
A slave can have all the above security but without dignity or respect. Such socio-economic security shall be termed as insecurity.
The article is just for education and entertainment purposes. Thus, there is no intention of direct or indirect criticism of any political parties or policies.
Want to publish your work internationally? We can help!
Ecofunomics LLP publishes work across all categories – Economics, Management, Finance, etc.
Currently we are serving knowledge across 125+ countries.