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'''Socialism''' refers to a broad set of economic theories of social organization advocating public or state ownership and administration of the means of production and distribution of goods, and a society characterized by equality for all individuals, with a fair or [[egalitarian]] method of compensation.[http://www.merriam-webster.com/dictionary/socialism "Socialism"] Modern socialism originated in the late 19th-century [[intellectual]] and working class [[social movement|political movement]] that criticized the effects of industrialization and private ownership on society. [[Karl Marx]] posited that socialism would be achieved via class struggle and a proletarian revolution.

'''Socialism''' refers to a broad set of economic theories of social organization advocating public or state ownership and administration of the means of production and distribution of goods, and a society characterized by equality for all individuals, with a fair or [[egalitarian]] method of compensation.[http://www.merriam-webster.com/dictionary/socialism "Socialism"] Modern socialism originated in the late 19th-century [[intellectual]] and working class [[social movement|political movement]] that criticized the effects of industrialization and private ownership on society. [[Karl Marx]] posited that socialism would be achieved via class struggle and a proletarian revolution.