1 definition by TheRationalCapitialist

Top Definition
An economic system in which the government controls everything and provides everyone with everything they need. In theory it works, but in practice... it fails. And here are 6 reasons why:

1. If The Government controls the economy then they control your life

2. When the government run's something, it becomes inefficient & corrupt

3. If one guy works hard, and the other is lazy they get payed the same

4. Why would a doctor got to medical school to get payed the same as a janitor at "Government Burger"

5. Socialism has failed before (USSR) and it won't work now

6. Since there is no incentive to succeed, this means it will take years for technology to advance
Socialism has failed numerous times in the past... why would anyone want it again?
by TheRationalCapitialist January 29, 2011

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