Socialism

Units 7 & 8

Socialism was an economic theory first proposed by Karl Marx in the late 19th century. From 1848 to 1860, Marx worked on developing the concept of a utopian society in which all the wealth and benefits of society would be shared. He envisioned it as the final conclusion to social development and the end of capitalism's evils. Socialism was later propagated and further developed through Vladimir Lenin, a Russian revolutionary and politician. The concept of socialism eventually developed to the economic theory of the government controlling the production and distribution of goods.

Source: Library of Economics and Liberty: http://www.econlib.org/library/Enc/Socialism.html

Version by: Dirk Gadsden (February 12, 2009; First creation at 7:57 PM)

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Socialism refers to types of economic theories of social organization supporting state or joint ownership. It is an ideal society characterized by equal rights for all people. Karl Marx [Marxism] hypothesized that socialism would be achieved through social classes struggling.

Version by: Clare Wolf (February 12, 2009; First creation at 8:02 PM)