Question

Discuss the concept of nationalization of pricate property from the point of view of socialism

Answer 1

Nationalization of private property from the point of view of socialism

Answer: Socialism is a public ownership promoting philosophy which covers the political, economic and social dimensions .This ideology promote the social ownership of means of production and it is based on the collective organization of society

Nationalization is a transformation process of ownership change from private to public . Generally nationalization have an   ideology dimension of socialism, but it  also applicable in the capitalistic situations also.The nationalization of private property mainly impacted on the following aspects.They are:

a) It prevents large scale exploitations

b) Fair income distribution process

c ) Public control over general wealth

In socialistic point of view, nationalization of private property is a characteristic feature of socialism and it is a short term measure for the conversion process towards a socialist economy. This conversion process helps to make a shift from capitalism to socialism

Socialist ideology of real democracy and planned economy cannot achieve with private ownership. So here nationalization plays a vital role in achieving economic command. Here we can conclude that nationalisation and public ownership is the base of socialist planned economy which helps to boost the productivity and efficiency in general way.