Socialism

Socialism Symbol

Socialism : Political and Economic Theory that land, transport, the main industries, natural resources such as Coal, Water, Power etc., should be owned and managed by the state, and wealth equally distributed.

In 1848, Karl Max and Engels laid down the principles of scientific socialism in Communist Manifesto and Marxism became the theoretical basis for most socialist thought.

Socialism was split in Russia between the reformist Mensheviks and revolutionary Bolsheviks that led to the term Socialism and Communism as they are now generally understood.