analyze socialism and capitalism in relation with the Philippine society which of these economic system would in our country.

JHONNA MAE M. GANZALE
BSCRIM1 BLOCK A

Socialism  Yes it would work in Phillippine society because socialism is an economic system characterised by social ownership and control of the means of production and cooperative management of the economy, and a political philosophy advocating such a system.Socialist systems have a number of policy tools to help them achieve these goals. Nationalization of key industries such as mining, oil, and energy allows the state to invest directly, set prices and production levels, publicly fund research, and avoid exploitation. Wealth redistribution can occur through targeted, progressive taxation and welfare policies such as free/subsidized education and access to housing. Social security schemes also provide security in old age, while minimum wages, employment protection, and other labor rights ensure a fair wage and safety at work.

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