Pakistan study notes for Matric, Intermediate, B.A, B.COM BSC, M.A, BCS. Free Pakistani Urdu educational school, colleges and University notes.

SOCIALISM (BUSINESS UNDER PUBLIC OWNERSHIP)

SOCIALISM (BUSINESS UNDER PUBLIC OWNERSHIP)

Definition Socialism is that economic system in which means of production and distribution are held under collective ownership and control in public interest and where proletariat be the source of power establishing a society free of class conflicts.

 

Historical Socialism, also referred to as communism, has the following historical Background stages.

1. The philosophy of socialism or collective ownership was first introduced by Plato, the pupil of Socrates. In his book “Republic”, he favored it and condemned private ownership as a source of evils. He belonged to the period 300 years B.C.

 

2. In 1516, Sir Thomas More ofGreat Britainproduced the idea of collective ownership in the form of utopia, an imaginary ideal state.

 

3. In the late seventeenth century Saint Simon a social reformer ofFranceand in the late eighteenth century Robert Owen, a British social reformer favored collective ownership and proletariats. They also worked for the achievement of this end. Saint Simon also wrote a book elaborating the idea of collective ownership. Later in 1892, the book was published under the name of Memoirs.

4. The world socialism was coined in the early eighteenth century. In

1848, Frederick Angels and Henrk Carl Marx, German philosophers and economists produced the phenomenon of modem socialism in their co-authored book ‘Communist Manifesto.’ In his book German Ideology published in 1846 Carl Marx introduced the concept of class conflicts for the first time. His third famous book was Das Capital consisting of three thick volumes giving the details and interpretation of socialism highlighting the evils of capitalism.

 

5. In the USSR in 1917 and in Peoples Republic of China in 1949 Socialistic economic system was formed through b 1o0 dy revolution. By 1980 fourteen countries around the world had adopted this philosophy. They included the following nations.

USSR, China, Cuba, Poland, Hungary, Czechoslovakia, Mongolia, North Korea, East Germany, Viet-Nam, Yugoslavia, and Romania.

In 1988 the USSR(Union of Soviet Socialist Republics) put an end to socialism and in 1991 she lost its existence to Russia freeing its republics viz.,Turkmenistan,Tajakistan,Uzbekistan,Kazakhstan, etc.

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