Economics Question:

The socialist system is based on the notion of equality for everyone, everyone has a job and everyone has a place to live. Everyone has to forfeit his or her class rights in a socialist system. A socialist system has universal health care and dental care, childcare, as well as similar access to resources such as food and water. Ideally, the socialist system could cater to the needs of the poor because it provides equal access to all folks, regardless of income.

Although advantageous to the poor, the socialist system can mean heavy taxation on all citizens. There could be corruption as well as unequal access to resources, which means that the people who tow the party line usually have more access to better goods. The socialist system means highly unusual labor quotas, food ration cards, long lines at the store, or below superior quality goods available.