Good Question.. Lets we track the History from the era of Chacha Nehru.. we may fool but Chacha jee was very wise~

Socialism is the Big Lie of the twentieth century. While it promised prosperity, equality, and security, it delivered poverty, misery, and tyranny. Equality was achieved only in the sense that everyone was equal in his or her misery.

In the same way that a Ponzi scheme or chain letter initially succeeds but eventually collapses, socialism may show early signs of success. But any accomplishments quickly fade as the fundamental deficiencies of central planning emerge. It is the initial illusion of success that gives government intervention its pernicious, seductive appeal. In the long run, socialism has always proven to be a formula for tyranny and misery.

A pyramid scheme is ultimately unsustainable because it is based on faulty principles. Likewise, collectivism is unsustainable in the long run because it is a flawed theory. Socialism does not work because it is not consistent with fundamental principles of human behavior. The failure of socialism in countries around the world can be traced to one critical defect: it is a system that ignores incentives.

By rewarding success and penalizing failure, the profit system provides a strong disciplinary mechanism which continually redirects resources away from weak, failing, and inefficient firms toward those firms which are the most efficient and successful at serving the public. A competitive profit system ensures a constant reoptimization of resources and moves the economy toward greater levels of efficiency. Unsuccessful firms cannot escape the strong discipline of the marketplace under a profit/loss system. Competition forces companies to serve the public interest or suffer the consequences.

Under central planning, there is no profit-and-loss system of accounting to accurately measure the success or failure of various programs. Without profits, there is no way to discipline firms that fail to serve the public interest and no way to reward firms that do. There is no efficient way to determine which programs should be expanded and which ones should be contracted or terminated.

Without competition, centrally planned economies do not have an effective incentive structure to coordinate economic activity. Without incentives the results are a spiraling cycle of poverty and misery. Instead of continually reallocating resources towards greater efficiency, socialism falls into a vortex of inefficiency and failure.

--- Mark J. Perry
Why Socialism Failed
Collectivism Is Based on Faulty Principles

Are we ALWAYS WISE ?

As in your another post, as capitalism (ADAM SMITH) is a good concept and has been distorted by AYN RAND in using it to malign marxism, if capitalism of adam smith was followed, then there was no need for criricising the concept of marx.

Capitalism of Adam smith has been distorted, by profiteering, accompanied by greed, and therefore, at present, numerous laws are being broken, and WE ARE IN A STATE OF STATE-LESS_NESS (Quote of TRS ji).

Similarly, the panchayat system, is a very good concept, delegating aurthority at the lowest level, and is being misused, by VESTED INTERESTS.

Theoretically, no good concept is bad, it may turn bad, by in practice, by those using in the way it SUITS THEM

Me in favour of Capitalism of Adam Smith, which encompases socialism too, but deadly against capitalism that is being practiced today, it is making use of both :

Survival of the RICHEST,
and Survival of the Fittest.

with emphasis on the former part !!!

Capitalism as an Ideology isnt problematic Dear Mamoo...U haven`t yet given me one single arguement provin it wrong...what ever U feel & stated that may be miss handling or missuse by the handlers i e Corruption,misuse of power etc etc...so blaming Capitalism isnt Right...U can blame the handlers..Capitalism provides equal opportunities to everyone...it doesn`t differentiates or Divides the Rich & the poor...it provides all resourses & Environment to everyone equally and if one has in her/him the ability to succeed can do it by puttin their efforts to the path to prosperity....as also path to Truth & Morality..

If U R a supporter of Socialism as an Ideology...than thats not a very good idea...as its against Human values and spirits...as also its against all religions if i may say so...as it is its anti Bhagwad Gita...and have proved it to U givin n number of examples....Socialism works adding more miseries to already existing in our world already deep into perils....

it can easily be misused

By Blocking Information & Knowledge it becomes easier for Socialist Bosses to give birth to HOPE among the Ignorants...which otherwise not possible...

If people come to know everything than the importance of those interested would dimnish and no one would regard them superior and people become stronger and full of courage....if KhapsLaws such as bannin of SMSs MMSs interest people would certainly command high respect over the commoners if kept ignorant.....

These are all primitive things to do i mean bannin SMSs...its always personal choices people make...Govts job to look into their core issues....these things are counted as Reflex actions no brain part involved...and looks like KhapsPanchayat Laws inherited types measures....

Dear Mamoo We are the creative force of our life, and through our own decisions rather than our conditions, if we carefully learn to do certain things, we can accomplish those goals.......U R mixing issues with one another thats the poblems....minimum charge...medicines, at exorbitant prices...commoners cheated by mobile co. for insignificant sums....its all job of the regulator..

These are all primitive things to do i mean bannin SMSs...its always personal choices people make...Govts job to look into their core issues....these things are counted as Reflex actions no brain part involved...and looks like KhapsPanchayat Laws inherited types measures....

ofcourse yes and it should be maintained for ever

if Govt limits SMS becoz its being misused for spreading rumours, can we stop
paying taxes as our hard earned money is being misused for corruption/mismanage ? ? ? ?

No - Wise people do not heed to SMS messages.There is more deeper conspiracy.

yaar in kattu logo ko kam karo

Somewhat It can temporarily reduce the flow of messages . We can,t curb the means of communications for a particular state,s mass exodus . We shall have to found out the main culprit those responsible for this.