Socialism

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INTRODUCTION
The idea of socialism way developed by KARL MAX in nineteenth century. It was put forward as a reaction to evils of capitalism. Socialism has special appeal for the working classes. In 1917, Russia adopted socialism and soon it spread to a large part of the world. However within a few decades, people got disappointed with the poor performance of this system and almost all countries abandoned it in its original form. Yet it is a fact that socialism has left a deep impact on human thinking.

DEFINITION
“ It refers to any social system on which all means of production e.g land, building, labour and imported companies are owned and managed by the state or the government and the people in general make use of the available resources under an economic plan for their own aggregate welfare. However, pricing, marketing etc is retained as in capitalism” It is a political term applied to an economic system in which property is held in common and not individually, and relationships are governed by a political hierarchy. Common ownership doesn’t mean decisions are made collectively, however. Instead, individuals in positions of authority make decisions in the name of the collective group. Regardless of the picture painted of socialism by its proponents, it ultimately removes group decision making in favor of the choices of one allimportant individual. Socialism originally involved the replacement of private property with a market exchange, but history has proven this ineffective. socialism cannot prevent people from competing for what is scarce. Socialism as we know it today, most commonly refers to

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“market socialism,” which involves individual market exchanges organized by collective planning. People often confuse “socialism” with the concept of “communism.”...