Socialism has failed because it simply does not gel well with the very human characteristics of self-interest, profit maximization and a desire to work only when in plain view of appropriate short-term goals and rewards. The most crucial factor in the impracticality, and hence failure, of socialism can be attributed to its lack of immediate (or even eventual) recompense in accordance with the amount of effort put in. If the state is committed to the idea of economic equality for each citizen, who would opt to innovate and develop? The lack of profits and market prices in a centrally controlled economy, with no private property or opportunity for doing better than the joneses, stifles the desire to do more than the bare minimum.
If you consider natural resources, Russia is quite wealthy with sprawling lands and all forms of land-forms upon it, as well as fossil fuels and minerals. Yet it is not rich as a country. If the human resources lack incentive, nothing can make up for it. And what happens when this equality purported by socialism, in practice, translates to equality merely in poverty, futility and lack of advancement?
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