Socialism - Som Three key principles also define the...

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Unformatted text preview: Som Three key principles also define the economic system of som: State ownership of production and distribution of goods and services Central economy Production without profit The ideology of som directly rejects the ideology of capitalism. In a sot economic system, the state determines what to produce and at what price to sell it. Som eliminates competition and profit, and focuses upon social equalitysupplying people with what they need, whether or not they can pay. The ideals driving som come from Karl Marx who saw all profit as money taken away from workers. He reasoned that the labor used to produce a product determined the value of that product. The only way for a company to arrive at profit is to pay workers less than the value of the product. Thus, wherever profit exists, workers are not receiving the true value of their labor.the product....
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Socialism - Som Three key principles also define the...

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