Competition in capitalism ensures the survival of entities because each firm strives to offer the best products to the consumer. However, in socialism the workers have to be motivated in order to reduce chances of redundancy, which causes collapsing of firms.
Socialism requires sound economic planning if the companies are to stay in the market for long and continue to serve the public (Fuentes, 2010). In cases where companies close, it is advisable to nationalize them instead of depending on aids from the government to keep them afloat. This ensures that the government has total control on entities that are mismanaged.
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