GS1 (World history)
Socialism as given by Karl Marx has brought about a number of revolutions around the world. What are the most prominent examples of political, social and economic changes brought about by it across the world?
Best answer
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Socialism, as given by Karl Marx, means the state ownership of the means of production.It gained prominence post the Great Depression and the WW II,and compared to Communism(which means complete state control),it is a milder form of governance.
IMPACT:
POLITICAL:
1. Responsible for the rise of Trade Unions.
2. Russian Revolution of 1917 was the biggest impact.
3. Was politically against Capitalism and so socialistic countries were viewed as a threat by the capitalist Nations(e.g. COLD WAR,Cuba-US relations).
SOCIAL:
1.For the first time,gave voice to the workers’rights.
2.Promoted the idea of equitable share of resources.
ECONOMIC:
1. Many initiatives like Collective Farming,State Cooperatives etc. were due to socialism.
2. For the first time, “PUBLIC SECTOR” became an important player in the economy(e.g. can be seen in India and other newly independent countries post WWII, the idea of PLANNING etc.)
Though today there are no completely socialistic(or capitalist) countries, the concept of the state’s role(particularly in economy) can be seen in Western Nations too which is a legacy of Socialism.
