Table of Contents
African socialism became an important model of economic development for countries such as Ghana, Guinea, Senegal and Tanzania. This common thread was the desire for political and economic autonomy, self reliance, the Africanisation of business and civil service, Pan-Africanism and non-alignment.
Why did many African economies struggle after gaining independence?
One of the most pressing challenges African states faced at Independence was their lack of infrastructure. Rich as many African countries were in cash crops and minerals, they could not process these goods themselves. Their economies were dependent on trade, and this made them vulnerable.
What is advantage of socialism?
The benefits of socialism also include the following: In theory, based on public benefits, socialism has the greatest goal of common wealth; Since the government controls almost all of society’s functions, it can make better use of resources, labors and lands; Socialism can tackle unemployment to a great extent.
What are the major benefits of socialism?
Pros of socialism
- Reduction of relative poverty.
- Free health care.
- Diminishing marginal utility of income.
- A more equal society is more cohesive.
- Socialist values encourage selflessness rather than selfishness.
- Benefits of public ownership.
- Environment.
- Reduced hidden taxes.
Socialism emerged as a response to the expanding capitalist system. It presented an alternative, aimed at improving the lot of the working class and creating a more egalitarian society.
Under socialist planning, government commands were used to allocate employment and thereby did not permit the hiring or firing of workers for strictly economic reasons. The problem with this was inefficient production, underemployment, and misallocations of labour.