Why was socialism popular in the 1960s and 1970s in the Third World

Why was Socialism popular in the 1960s and 1970s in the Third World

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Introduction

Definition

According to Newman , socialism may be defined as a set of economic theories of social organization that advocate for public /state ownership and administration of the means of production and also the distribution of goods . Socialism is also used to describe societies characterized by the equality of the individuals therein (2005 . While socialism and capitalism are two different ideologies , socialism can to develop out of

the failures of capitalism . Socialism is unlike capitalism in that in capitalism , there is private ownership of the means of production and widespread inequality which then lead to social differentiation and the rise of social classes . Socialism may then be described as a theory of social reorganization whose aim is the reconstruction of society such that the division of labor and property is both fair and equitable Accordingly , the end purpose of socialism is two pronged . To bring together humanity and also to solve societal problems by building a society that is able to satisfy the universal need for teamwork and material security (What socialism means , 1973

It is important to understand that there are many varieties of socialism . Some of these varieties tolerate capitalism but only as long as the government is able to sustain its principal influence over the economy (Encyclopedia Britannica , 2009

History of Socialism

Socialism is said to have been borrowed by the English from the French in the...