As the presidential candidates swirl this term around I wonder what it is. And I am not alone as others are unaware of what this economic theory is. Here is what Auntie Google has to say.
In socialism the government controls social functions and there are no privately owned companies. Economic resources are shared. This theory was begun by Karl Marx, a German.
The countries that practice this are:
- China
- Laos
- Viet Nam
So, next thought what is the difference between socialism and communism?
In communism everything is owned by the state.
Now I am even more concerned and quite frankly scared. Are you?
