Socialism refers to a broad array of doctrines or political movements that envisage a socio-economic system in which property and the distribution of wealth are subject to social control.<1> As an economic system, socialism is often associated with state or community ownership of the means of production. This control may be either direct — exercised through popular collectives such as workers' councils — or it may be indirect — exercised on behalf of the people by the state.
The modern socialist movement had its origin largely in the working class movement of the late-19th century. In this period, the term "socialism" was first used in connection with European social critics who condemned capitalism and private property. For Karl Marx, who helped establish and define the modern socialist movement, socialism implied the abolition of money, markets, capital, and labor as a commodity.
http://en.wikipedia.org/wiki/Socialism
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