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 (…showed first 75 words of 2487 total…

…showed last 75 words of 2487 total…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.