socialism

Socialism is a way of controlling the economy, in which the government owns and runs all of the businesses of a society. Socialism can be broken up into two different categories: Utopian Socialism and Scientific Socialism. These two types have some similar views, but also are very different in certain ways. For example, Utopian Society is basically a peaceful way to get what you want whereas Scientific Socialism, which was what Karl Marx represented, held the belief that the only way to get what you want is through revolution. These views of socialism held the total opposite views of a man named Adam Smith, who believed in capitalism, and who wrote the book, The Wealth of Nations.

There was agreement between the two different forms of Socialism in that they both held the same basic beliefs that the government should run all parts of society and that no one group was any more special than another. That is, one person should not be favored over another. Socialists though that everyone was equal, and that is where the communist name of comrade came from instead of using titles such as Mr. or Mrs. They both believed in the fact that the government should control all business decisions. In economics, there are three main decisions that are to be made: 1. What to produce?, 2. How to produce it?, and 3. For whom should it be produced? In an economy based on socialism, these decisions are solely made by the government. In other words, the government decides what to make, what proce...