The first example of the destructiveness of socialism is India. In 1947, India Prime Minister, Jawaharlal Nehru implemented socialism and this ended up destroying the economy. For about 30 years, the government restricted imports, banned foreign investments, and maintained price controls in various significant industries. The government also increased tax rates, with the highest personal income tax rate being at 97.75%.
Many public banks went from being privately owned to being controlled by the government. The economy only got even worse with population growth and in effect, the government could no longer supply its peoples' basic needs. By 1977-1978, more than half of India's population was impoverished. In 1980, India Prime Minister, Indira Gandhi worked to make the economy less socialist, which resulted in the economy reforming slowly. Presently, with a free market, India is considered to be one of the top 10 wealthiest countries globally.
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Teenage Politics: The Destructiveness of Socialism
No FicciónThe destructive force of socialism is something most Americans are never taught. In school, we are never taught what it means and what it has done to societies in the past. With the current events the United States is facing, I felt like I needed to...
