Socialism is an economic philosophy in which all goods are produced and distributed by either the state or cooperative ownership. The goal of a socialist society is to create a ideal community of which there is no social classes and everyone is equally important.
Rise and Fall and Rise Again
The first major socialist superpower was the Union of Soviet Socialist Republics (USSR). Due to the influence of the USSR, socialism would be adopted by many countries around the world and be in direct competition with capitalism in what would be known as the Cold War.
When the USSR collapses in the late 1980s, so do other socialist states. After one reversal after another, socialism is abandoned by many countries and replaced by free market based economies, with the exception of a few nations.
Another option adopted by many states is social democracy. Social democracy is a political ideology of the left that continues to exert influence worldwide. Social democrats propose selective nationalization of key industries and private ownership of property and profit-making business. Social democrats also promote tax-funded welfare programs and regulation of markets.
In the 21st century, socialism has seen resurgence within developing countries in Asia, Africa, and most strongly in Latin America. The increase popularity of socialism in Latin America has been characterized by an anti-imperialist stance and the nationalization or part nationalization of oil production, land and other assets. This movement has been symbolized by Venezuela and its President Hugo Chavez. http://en.wikipedia.org/wiki/Socialism
References
Fast Facts
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Fact:
The English word socialism derives from the French socialisme, the mainstream introduction of which usage is attributed, in France, to Pierre Leroux, and to Marie Roch Louis Reybaud; and in Britain to Robert Owen in 1827.
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Fact:
The architect of a socialist order was Lenin, who first faced the practical difficulties of organizing an economic system without the driving incentives of profit seeking or the self-generating constraints of competition.
