1- Socialism in political thought refers to economic theories of social organization advocating collective ownership and administration of the means of production and distribution of goods, and a society characterized by equality for all individuals, with an egalitarian method of compensation. Modern socialism originated in the late 19th-century intellectual and working class political movement that criticized the effects of industrialization and private ownership on society. Karl Marx posited that socialism (the disappearance of class and therefore state) would be achieved via class struggle and a proletarian revolution after a transitional stage from capitalism called the dictatorship of the proletariat.
2- Socialism, like libertarianism, is an exceedingly vague ideology. The definition of socialism is founded on two fundamental maxims: Thomas Jefferson's, "All men are created equal," and Karl Marx's "From each according to his ability, to each according to his needs."1 Problematically, socialists offer few practical details about how these two principles are to be realized.
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