Advantages of Socialism There is less exploitation of the workers or proletariats since all the factors of production are owned and controlled by the state
There are full employment opportunities and job security therefore, unemployment is rare under the system
Private monopoly of the production and distribution of goods and services is prevented.
There is equitable distribution of wealth since individual ownership of factors of production is not allowed.
Goods are produced and services rendered for public good and not for personal aggrandizement and profit-making motive
The system promotes political stability and strong loyalty among the people of the state since only one political party and ideology exist
