By the early twentieth century, myriad socialist tendencies (e.g. anarcho-syndicalism, social democracy and Bolshevism) had arisen based mostly on totally different interpretations of present events. Governments additionally began placing restrictions on market operations and created interventionist applications, attempting to ameliorate perceived market shortcomings (e.g. Keynesian economics and the New Deal). Starting with the 1917 Russian Revolution, Communist states increased in numbers and a Cold War began with the developed capitalist nations.
Following the Revolutions of 1989, many of these Communist states adopted market economies. The notable exceptions to this trend have been North Korea, Cuba and Venezuela, the latter instituting a philosophy referred to as “socialism of the 21st century”. Early socialist thinkers rejected capitalism altogether, trying to create socialist communities free of the perceived injustices of early capitalism. Among these utopian socialists had been Charles Fourier and Robert Owen. In 1848, Karl Marx and Friedrich Engels launched The Communist … Read More