USA HISTORY

Detailed explanation-1: -socialism, social and economic doctrine that calls for public rather than private ownership or control of property and natural resources.

Detailed explanation-2: -As Marx says, under capitalism, “private property has already been abolished for nine-tenths of the population.” In other words, as long as the economy is run by a few wealthy people in their own interest, the working class won’t be able to achieve prosperity.

Detailed explanation-3: -The Communist Manifesto is considered an important work on socialism. Communists agree with the free enterprise system. Communists believe in the seizure of government by peaceful means. Labor unions gave a voice against employer abuse to factory workers.

Detailed explanation-4: -How do socialism and communism differ? Socialism is based on the belief that democratic means should be used to distribute wealth evenly throughout a society. Communism is characterized by a centrally planned economy with all power resting in the hands of the central government.