SOCIALISM (By: Dabo Euclid)
INTRODUCTION Socialist economy is based on central planning of all economic activities as opposed to the capitalist market price mechanism. Karl Marx (1818-1883) was the founder of the modern socialism. In Africa, countries like Ethiopia, Tanzania, Angola, Burkina Faso, Guinea and Mozam Bisque have experimented and some are still experimenting various shades of socialism. Karl Marx’s collaborator in developing modern socialism was his friend Friendrtich Engels (1820-1895). Vladimir Lenin led his Bolshevik faction of Russian social-democratic party (now styled the communist party of Russia) to carry out the first socialist revolution In the world in 1917 in the defined union of the soviet socialist Republic (USSR). DEFINATION Socialism may be define as a political cum economic system in w