The evils of capitalism have given birth to socialism. Socialism has started as a reaction to industrial revolution that took place in the Western European countries. The industrial revolution of the Western European countries made some people very rich in the midst of poverty elsewhere. It resulted in the exploitation of labour, women and children by the capitalists. Above all, capitalism failed to maintain  economic stability. Periodic lly, the capitalist economyis engulfed in depression which is responsible for large scale unemployment of. and hardship to, millions of
people. Also, capitalism has given rise to extreme inequalities of income and wealth. The poor were deprived of social justice. Owing to the domination of the individual profit motive. the capitalistic economy witnessed a serious misallocation of resources. Socialism seeks to rectify all these evils and create a just social order. Socialists claim the following merits for their system .

that it assures of social justice. Under socialism, the inequalities of income are reduced to the minimum and the national income is more equitably and evenly  distributed. The socialist principle provides for a fairshare for all. No one is permitted to have unearned income. Exploitation of man by man is put an end to.
Every individual is assured o f equal opportunity todevelop his latent faculties through proper education and training.

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