Social Voting

A famous centrally planned economic system of the twelfth century in which the publicly or commonly ownership and control of the means of production and distribution of goods, capital, land, in the community as a whole for the betterment of the society. As a form of social organization in a society, socialism is based on co-operative social relations and relatively equal individual power-relations and the elimination of hierarchy in the management of economic and political affairs.

Socialist economies are based upon the rule of production for use and the direct allocation of economic recourses to satisfy economic demands and needs of society. Goods and services for consumption are distributed through markets, and distribution of income is based on the principle of individual contribution.

Karl Marx presented the idea of socialism. Marx wrote only a few pages about socialism, as a moral or a practical draft for society. Lenin, was the true architect of a socialist order who first faced the practical difficulties of organizing an economic system without the driving incentives of profit seeking or competition.

There are many varieties of socialism. All communists are socialists, but not all socialists are communists. Modern socialism originated from an 18th-century intellectual and working class political movement that criticized the effects of industrialization and private property on society..

In the late 80s, the Soviet Union and its Eastern former allies faced absolute economic disaster, and those countries are still trying to construct some reforms in their economic structure that will no longer display the deadly output that have come to be the hallmarks of socialism. No one can say whether these efforts will succeed. Hurdles in creating a working market system without a firm basis of private ownership, is the main obstacle to achieve its target.