Introduction of Socialism

The economic systems include socialism, capitalism and communism. The concept of socialism refers to a group of ideologies, an economic system, or a state that exists or has existed. First of all, the definition of socialism is an ideology with the core belief that a society should exist in which popular collectives control the means of power, and therefore the means of production. However, the history of socialism finds its origins in the France revolution of 1789 and the changes brought about by the Industrial revolution. It includes a wide range of views. Socialism emerged in conjunction with the Industrial Revolution as a means of protecting worker’s rights. As the 19th and 20th centuries progressed, socialism remained a popular and effective form of government worldwide. In this essay I will give some advantages and disadvantages information about socialism.