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Socialism is an economic system founded on the ideas of Karl Marx and which in contrast to capitalism, there’s common ownership of the means of production instead of private ownership. In most socialism economies such as Vietnam, China and Cuba, the means or factors of production are owned by the government. The socialism of Karl Marx was based on the study on historical, economic and social development of man and society. All in all, historically socialism arose a sense to the reaction to the capitalism. Thus socialist theory was first of all criticism to capitalism and a socialist aimed to create a society in which will overcome or eliminate the horrors of evils brought by capitalism. Socialists claim that the needs and the well being of the people and not profit is the ultimate objective of the economic system, that’s an economic system managed by the people for the people. A socialist economy achieves its objectives to meet the needs and the well being of the people through central planning. Socialist economies such as Cuba, Vietnam and China run their economies through five year development plans which are prepared by thousands of experts where the plans capture all the aspects of the economy requirements for the five years
Dana05 answered the question on July 3, 2019 at 11:24
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