Socialism aims at a social system based on public ownership of the means of production (Von Mises, 1969). Arising in the late Eighteenth and early Nineteenth Century, socialism developed as a reaction to the hardships caused by capitalism and industrial revolution. The government owns and operates all material resources in a social system. Socialism first originated in France and England at about the same time, but as it grew socialism took different courses throughout each country (…
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…New York: Alfred A. Knopf. Heilbroner, R., & Thurow, L. (1982). Economics explained. New Jersey: Prentice-Hall. McConnell, C. R., & Brue, S. L. (1990). Economics: Principles, problems, and policies. New York: McGraw-Hill Publishing Company. Marx, K. (1932). Capital: The communist manifesto and other writings. New York: Random House. Wells, H. G. (1912). Socialism and the great state. New York: Harper and Brothers Publishers. Von Mises, L. (1969). Omnipotent government: The rise of the total state and total war. New York: Arlington House.