So there's a lot of talk about socialism going on at present, but what are its respective merits and demerits?
For those who need a quick defintion: "Socialism refers to a broad set of economic theories of social organization advocating state or collective ownership and administration of the means of production and distribution of goods, and the creation of an egalitarian society" says the Oxford English Dictionary.
I personally have always thought that an effectively managed socialist regime would be highly equitable and efficient for citizens, though many Americans seem to hold an opposite view.
So anyway, on with the discussion. What are the upsides and downsides of socialism? Is it a style of government that you would be happy to live under?
